Did You Miss the October 15th Tax Filing Deadline? What to Do

October 26th, 2009 by Filed under: Filing Taxes

octoberIf you requested an extension on filing your 2008 taxes you were suppose to have filed by October 15th. If you missed the October 15th tax deadline and still haven’t filed that is ok, you can still file but you will likely face some penalties. The sooner you file, the fewer penalties you will receive.

One important thing to note is that the tax filing servers for 2008 go offline after October 15th in order to get ready for the next year’s tax filings, so you will need to make sure you mail in your tax return to the correct address after doing the filing instead of e-filing.

There will only be a penalty charged if you owe taxes. If you are due a refund, you will not be fined. There will be 3 different types of penalties that can add up to quite a bit. There are two penalties that you will receive and will also be charged interest on the amount owed. These penalties can add up to 50% of the taxes owed. The sooner you file the better because the amount increases each month.

Even if you are due a refund it is important to file your taxes because the IRS will come after eventually and if you don’t file soon you will not be able to receive your refund.

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