Tag: 2014 tax return

You can file or you can rack up IRS penalty fees; the choice is yours!

The very last day to E-file 2014 tax returns was October 15, 2015. If you’re reading this after the October 15th deadline, you can still prepare your return online. You’ll just need to paper-file it instead of E-filing it. That being said, without a tax extension, your 2014 tax return will be considered late if it is filed after April 15th, 2015.

If you’re expecting a refund from your 2014 taxes, you won’t be penalized for filing late. However, if you have tax due, you’ll face IRS late penalties for filing after April 15th.

Beware of IRS late penalties!

Plan on filing after the April 15th deadline? If you have tax due, you could end up with a tax bill costing you an arm and a leg.

IRS late fees include the following:

• Failure-to-file penalty: the penalty for filing late is 5% of the additional taxes owed amount for every month (or fraction thereof) that your return is late, up to a maximum of 25%

• Failure-to-pay penalty: late payment penalty is 0.5% (1/2 of 1 percent) of the additional tax owed amount for every month (or fraction thereof) the owed tax remains unpaid, up to a maximum of 25% (more…)