I am going to get a tax REFUND. Does that make a difference?
2007-04-18 13:46:41 · 7 answers · asked by icu812 3 in Business & Finance ➔ Taxes ➔ United States
It certainly does make a difference! If you are getting a refund they will NOT penalize you for filing a day late.
2007-04-18 13:55:24 · answer #1 · answered by MarineMom 6 · 0⤊ 0⤋
Infernal Revenue doesn't care if you file late if you're due a REFUND...it's just that much longer the Feds can use your money without paying you interest
HOWEVER! IF YOU OWE! you had best make the payment by the deadline, or you WILL be charged with penalties and interest on the unpaid taxes AND interest on the penalties.
2007-04-18 13:57:50 · answer #2 · answered by panti-slave2006 5 · 0⤊ 1⤋
If you don't owe, there's no penalty even if you never file. You have three years from the original due date to get your refund.
2007-04-18 14:24:05 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
Owe = Penalties and Interest
No Owe = No Penalty
2007-04-18 14:10:00 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you're getting a refund the irs doesn't care when you file. It's only when you owe them money that they get mean if you don't file on time.
2007-04-18 15:37:22 · answer #5 · answered by strawberryrhubarbpie 3 · 0⤊ 0⤋
If you are getting a refund, there is no penalty, a penalty is imposed for paying your full tax liability late. In your case they have had your money, in fact they have to much of your money
and are entitled to a refund.
2007-04-18 14:25:12 · answer #6 · answered by justgetitright 7 · 0⤊ 1⤋
If you don't owe, no. If you do owe, yes.
2007-04-18 13:54:41 · answer #7 · answered by doerayme_fasolatido 3 · 0⤊ 0⤋