Here’s What You Should Know If You Missed Tax Deadline
Yesterday was Tax Day, you know, the day everyone looks forward to and loves *sarcasm*. What happens if for some reason, you missed the deadline? Maybe you had an emergency pop up, or it just slipped your mind.
There's good and bad news according to Turbo Tax depending on what your situation is. If you filed an extension by yesterday then you should be good for another 6 months.
Do you owe money to the federal government? If you don't owe the government any money then you're fine. There are actually zero penalties for filing late.
If you have to pay in, that's where things get a little tricky. You can be charged a late fee up to 0.5 percent per month until you pay your taxes with a cap at 25% of the total that you owe.
If you realize that you do owe money but you can't afford to pay it back, you can work out a payment plan with the government, but don't wait. The longer you wait, the more you'll pay in penalties.