My boyfriend and I were discussing this the other day since he is a little irresponsible. I have already done my taxes. He was using my tax man for his. His have been done for a little over two weeks but he has yet to pick them up. He does not owe any money and has a refund coming to him. I keep telling him the deadline to mail them is on Monday April 16. (I have heard there was an extension but I didn't know if it was because the 15 was a Sunday so is this the correct date). He calims that he can mail them late with no penalty because he is owed money. Is he right or will he have a penalty deducted from what he is owed?
2007-04-14 06:26:34 · 4 answers · asked by Just Me 1 in Business & Finance ➔ Taxes ➔ United States
There are penalties for late PAYMENTS. If he doesn't owe anything, there are no penalties, aside from the cost of letting the government use the money it owes him interest-free.
2007-04-14 06:36:44 · answer #1 · answered by skip742 6 · 0⤊ 0⤋
Actually, the deadline is Tuesday, April 17 this year. April 16 is 'Emancipation Day' in Washington DC. The IRS has decided that extends the deadline one more day. In addition to late payment penalties, there is a late filing penalty. Both of these penalties are based on the amount owed. If he is due a refund, neither penalty applies. If he does not file within 3 years of the due date, he permanently forfeits the refund.
2007-04-14 16:19:55 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Since he has a refund coming, he's right, there won't be any penalty if he mails them late as long as he does it within the next three years. But he won't get his refund until he files.
2007-04-14 13:37:22 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
Ask the tax man!
2007-04-14 13:34:15 · answer #4 · answered by LMT07 4 · 0⤊ 1⤋