Don’t worry! There is still time. Even if you’ve waited until Tax Day (April 17, 2012) to file your taxes, you can still get the refund you’re waiting for (or avoid paying penalties on the taxes you owe).
Here are a few tips to avoid penalties:
- File your taxes today, even if you need to file an extension. If you aren’t ready to file your taxes today, you can file an extension which gives you an additional six months to complete your tax return. Filing an extension on your taxes helps you avoid a “failure to file” penalty of 5% per month that the tax return is late.
- HOWEVER: if you owe taxes, even if you file an extension you will have to pay a late payment penalty of 0.5% of the unpaid tax, per month, up to 25% of the total taxes owed.
Here is a great infographic from H&R Block with some more last minute tax tips.