What Happens If You File Your Tax Return Late

by Richard E. Reyes, CFP

File an Extension Here.

Its the morning before taxes are due and you might be freaking out right now. Well for that reason I thought it might be worth talking to you about what happens if you miss the deadline and wind up filing late or maybe not filing at all.

The short answer is that you might run the risk of the IRS coming after you for penalties and interest, and actually the IRS feels that failing to file is much worse than failing to pay on time. As the penalty for failing to file is stiffer than the penalty of failing to pay on time. Read More