Why you should worry about late filing
(Revised November 2012)
Whether you owe money to the IRS or you have a refund coming, you should always try to avoid filing your return late. If the return indicates a balance due the penalties could be up to five times higher than if you had filed on time. Owing taxes is never an excuse for late filing because the IRS will almost always give you a payment plan. If you have a refund coming, you may lose it if you wait too long, and you may be assessed a penalty even if you do not owe any taxes.
If you cannot file your tax return by the initial due date, you can probably get an automatic six month extension of time in which to file.
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