What should I do if I could not file my return or extension by the deadline?
If you forgot to file your return or extension by the April 17, 2012 deadline do not get too worried. In fact, if you have a refund the IRS will not add interest and penalties. However, if you are going to owe the IRS money make sure to file your tax return, even if it is going to be late.
When you file late, the IRS normally charges a late filing penalty of 5 percent per month up to a maximum of 25 percent. If you file the return more than 60 days passed the due date, the minimum IRS penalty will be $135 or the balance due, whatever is less.
Not only does the IRS make you pay a penalty for late filing or paying, they also charge interest on the amount you owe. It is normally half a percent per month, as well as, interest at 3 percent per year, compounded daily.
Therefore, it is in your best interest to file as soon as possible and pay any balance due off in full. However, if you can't pay your balance in full contact the IRS or let someone from Wolf Tax Consultants help save you the most money possible.