If for some reason you can't file your Federal tax returns by the filing deadline, April 15th, you can get an automatic extension by filing Form 4868. If you do not file Form 4868, you may have to pay interest and penalties.
•Even if you get an extension, if you owe tax, they are still due by the April 15th deadline and you may be charged late fees and other penalties on the amount you owe.
There will be a penalty for filing late, which is usually 5% of the amount due for each month or part of a month your return is late. If you have a reasonable explanation as to why you are filing late, the penalties may be waved. In such a case, make sure that your explanation is attached to your returns.
•If you are penalized, the IRS can charge as much as 25% of the taxes that are due.
•For fraudulent returns, the penalty can be 15% up to as much as 75% of the taxes that are due.
•An interest penalty will be charged on the amount owed from the date of the return. This penalty will also be charged even if you get an extension.
•For returns that are more than 60 days late, there will be a minimum penalty of $135.00 or the amount of any tax you owe, whichever amount is smaller.Filing your tax returns, whether you get a refund or not, is imperative to the well-being of our country, which includes you and your family. Your tax dollars support our schools, our military, help maintain our roads, highways, and our country's infrastructure, and is there for disaster relief.