The tax deadline is around the corner (April 17). Can I postpone the filing until after April 17. What are the implications? I was told it evaluated differently for two thing - 1) You have to pay 2) you get returns. If I have to pay then its very simple and I can extend but if I owe some money to Govt. then I can postpone but I will have to pay interest on that amount.
I dont know how this works out or what the implications are in terms of fines and limitations. Can someone please clarify.
2007-04-12 06:09:01 · 4 answers · asked by MTERA 1 in Business & Finance ➔ Taxes ➔ United States
If you owe, you are supposed to pay in enough when you file for the extension to cover what you might owe - if you don't, you'll be charged interest and possible penalties depending on how much you owe.
If you have a refund coming, you won't pay any extra and you'll get the entire refund.
2007-04-12 12:11:27 · answer #1 · answered by Judy 7 · 0⤊ 1⤋
If you owe them money, go to irs.gov and search for the extension form (I don't know the number off hand) and file for an extension. Do the same for your state and city (if appicable) It won't extend the date you have to pay anything owned, but it will allow you some time to get all your records.
You may still be required to pay interest, but the IRS can work out a voucher play so that you pay on monthly or quarterly installments.
If they owe you money, there should be any real penalty as far as interest, but you are required by law to file. Some people wait until the next year to file (you have like 3 years I believe).
Either way, its' best to file on time or get the extension, you don't want to 'red flag' your account for any reason.
2007-04-12 06:17:13 · answer #2 · answered by Fancy That 6 · 0⤊ 1⤋
You can file for an extension, and yes they do up a amount of interest to what you owe them.... calling them is a good way to find out also you Can go to www.irs.com and input your SS# and ask them any question and they will answer.
2007-04-12 06:15:31 · answer #3 · answered by eeyore6838 5 · 0⤊ 1⤋
If you are owed a refund or credit then you should not be penalized. If you will owe them money you should file for and extention. go to IRS.gov & type extention in the search bar.
2007-04-12 06:16:44 · answer #4 · answered by Cheyenne 4 · 0⤊ 1⤋