Missed Tax Day? Here’s what to know
The big day has come and passed – did you get your taxes filed?
If you haven’t, here’s what to know.
Regardless of your reason for not making the deadline, you should file as soon as possible.
There are different penalties for not filing on time versus not paying on time.
If you owe taxes and fail to file, interest will accumulate on your unpaid taxes, up to 25%.
If the government owes you and you fail to file, you’ll lose your refund after three years.
If you don’t pay your taxes, you’ll accumulate interest and if you continue this trend, you could possibly face criminal prosecution.
If you can show a reasonable cause for not paying on time, you can potentially avoid the late-payment penalty.