The federal tax deadline was April 15 for most filers — and if you missed it, you should file your return and pay your balance as soon as possible, experts say.
The late filing penalty is 5% of your unpaid balance per month or partial month, capped at 25% of your balance.
Here's why it may work this timeHowever, that doesn't mean you should rush to file a return if you're still missing key information, like tax forms for your investments or other earnings.
With missing information, the IRS could flag your tax return for audit, processing could be delayed or you could receive an agency notice.
Of course, some filers in disaster areas automatically have more time to file federal returns and pay taxes owed.
Persons:
Mark Steber, Jackson Hewitt, Biden, Steber
Organizations:
Finance, IRS