What Are the Penalties for Late Tax Returns?
Are you worried about penalties for late tax returns? Perhaps your employer neglected to send you an accurate W2 income tax form, or you’ve had a medical emergency that has severely disrupted your life. For whatever reason, you’ve let the April 15th income tax deadline come and go, and you’re afraid the IRS will soon come calling. There are certain penalties for late returns, but, if you follow the appropriate steps, you can minimize the penalties and keep things in good order with the IRS. Penalties If You File for an Extension For those who fail to file their income tax return by the appropriate date, the IRS has a system of penalties for late tax returns in place for those who either mistakenly or purposefully do so. If you know you are going to be late in filing your income tax return, don’t ignore the due date. Fill out Form 4868 from the IRS to request an extension. If the IRS grants you the extension, they will also assess a penalty that you must pay in addition to the tax amoun
