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Contributed by mm | April 13, 2006 1:28 PM PST
For most people, missing the tax filing deadline is nothing to be worried about. After all, if IRS owes you, there is no penalty in filing late.
From Kiplinger's Personal Finance:
With just five days to go before the dreaded tax deadline (it's the 17th this year because the 15th falls on a Saturday), ask yourself this: What happens, really, if I uh, miss the deadline? Does the government impose a heart-stopping penalty? Do IRS agents surround my home to enforce it?
Of course not. In fact, for the vast majority of taxpayers what happens is nothing. Absolutely nothing.
You see, the penalty for missing the filing deadline is a percentage of the tax owed with the return. If the IRS owes you, there is no penalty. That means the 70% or so of all taxpayers who have refunds coming really don't have to worry about the deadline.
Enjoy the latest personal finance news and commentary at PFBlog Network.
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At H&R Block, "Simple Pay" Is Not Simple (April 15, 2006)
Now wonder why both online versions of H&R Block's TaxCut and Quicken's TurboTax do not want you to pay the tax preparation fee upfront. By deducting the fee from your tax refund, these shops are positioned to make $20 or $30 more. H&R Block is ...
Phone Service Excise Tax May End Soon? (April 14, 2006)
Good news that at the very least, we have a bit more transparency of our phone bills. I'm also looking forward to my refund check now.
By the way, did anyone know that this excise tax was enacted in the 19th century?
Letting the IRS Do Your Taxes for You (April 12, 2006)
This kind of proposal will surely meet huge headwind from the commercial tax preparation business. A more plausible proposition is to provide a reliable feed of automatically collected information to these tax preparation firms to save time for tax filers and tax preparers.
Tax Time at Cullen Inc. (March 17, 2006)
Terri Cullen at WSJ shared her tax preparation experience. Very informative! Especially for: 1. Sharing that TurboTax's cool feature of comparing income and itemized deductions against other U.S. households. 2. Terri finally revealed her income (although that of 11 years ago) and her tax due ...
If you are owed a refund by the federal government, why would you wait to file your return? All you are doing is letting the government hold your hard earned money interest free. If you've got a refund coming, I would highly recommend you file ASAP. If you owe the gov't money, I would pay them no earlier than April 15! |
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