2007-10-17 14:42:14 · 2 answers · asked by jonesanthonyaj 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
The tax was due on April 17th, so you're 6 months late now. The extension is only an extension of time to file the return, NOT to pay any tax due. Taxes are due no later than the original filing deadline. In many cases the taxes are due well before the filing deadline since tax is actually due when the income is earned.
The extended deadline was October 15th. If you did not file you are now facing penalties for late filing on top of the penalties and interest for late payment. Late filing penalties accrue at 5% per month so it's in your best interest to file immediately and at least stop the accrual of late filing penalties. Then work out a payment arrangement with the IRS to pay off your tax debt.
2007-10-17 14:48:47 · answer #1 · answered by Bostonian In MO 7 · 4⤊ 0⤋
The due date for filing was this past Monday, and if you didn't file, you'll be subject to penalties for filing late.
An extension isn't an extension of time to pay, just to file, so you're already in for 6 months of late payment penalties and interest.
Interest and penalties are added each month, so it's in your interest to go ahead and file as soon as possible even if you don't have the money to pay, since that will at least stop the late filing penalties.
2007-10-17 22:36:01 · answer #2 · answered by Judy 7 · 1⤊ 0⤋