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We had to do a tax extension this year because during the…

We had to do a...
We had to do a tax extension this year because during the time taxes were do, we were SO busy as we just sold our house and had to move within two weeks, and things were nuts. I filed an extension and just realized the deadline is tomorrow. I think i can get it done in time as I have never been late for my taxes my entire life but this year has been so busy with moving/building a new house/having a baby, etc. I am also self-employed so the taxes take longer to do.
I plan to get it done by tomorrow but what is the latest cut off tomorrow for the extension deadline? What happens If I do not make it? If i did not make it I would probably still have it done within one week as i want it done ASAP. let me know the consequences and final deadline. thanks.
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Answered in 9 minutes by:
10/16/2017
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Finance
Satisfied Customers: 2,529
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hello!

I completely understand!

If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100 percent of the unpaid tax.

The penalty for filing late is normally 5 percent of the unpaid taxes for each month or part of a month that a tax return is late. That penalty starts accruing the day after the tax filing due date and will not exceed 25 percent of your unpaid taxes.

If you do not pay your taxes by the tax deadline, you normally will face a failure-to-pay penalty of ½ of 1 percent of your unpaid taxes. That penalty applies for each month or part of a month after the due date and starts accruing the day after the tax-filing due date.

You do have some time, but of course you should try to submit online before midnight or have post marked no later then the 16th of October.

Good luck!

Please let me know if you have any further questions.

Thank you,

Chad

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Customer reply replied 8 months ago
i usually owe between 10k in taxes each year. So what would my penalty be (lets base it loosely on the 10k number as that is what it has been the last few years), I did not pay any tax yet at all which again is my bad because we had to move so fast and this whole year has one big blur so I am obviously going to owe penalties which is just my issue to deal with unfortunately, i am not going to whine about it. What an estimate be when i pay it by the due date tomorrow? and what it would be if I pay it by the end of this week (I have a huge work deadline tomorrow so that comes first unfortunately so I can work on my taxes each night to get it done by the end of the week). Let me know. Thank you.

You normally will face a failure-to-pay penalty of ½ of 1 percent (.5% )of your unpaid taxes. - Therefore, we are only talking about approximately $50.

That penalty applies for each month or part of a month after the due date, April 15th in your case.

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The IRS may charge you an additional interest amount of 4% of the $10,000 from April to until you do pay. Right now you may/could be charged an additional interest amount of $200 for being six months late.

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Customer reply replied 8 months ago
250 total for being late? it said something about 25% so that scared me. so is it 250 per month for being 6 months late or 250 total. I am horrible with math so please be patient with me. I just need till Friday at worst case scenario. I could owe a bit more like 15k but i need to crunch numbers, i have the money to pay but I like to be accurate before I pay.

If you don't pay the penalty can slowly raise to 25% right now, you are at about $250 if the assessed the interest.

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The more expensive issue will be if you don't file within the next 60 days or as soon as possible. The penalty for

Not filing is much worse then the penalty for not paying.

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Customer reply replied 8 months ago
i did file an extension. that due date is tomorrow so will i be singled out and audited if i wait till Friday to turn it in...and charged more than 250 as I do think Friday is the soonest i can get them done. I am already working on them thank goodness but I have so many deadlines with my job and I am self-employed so my time is money. I have just never not filed or paid in my life so do not want to go to jail or be audited if I wait till Friday to send them in and my payment.

The IRS does not single people out for an audit merely for filing late, but they will audit you if you don't file or don't pay timely.

You will be fine as long as you file as soon as you can and definitely within 60 days. You may have to pay a small fine and a little interest, but nothing more than that.

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Finance
Satisfied Customers: 2,529
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Finance Specialists are ready to help you
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Customer reply replied 8 months ago
Okay thank you. Your awesome
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