Not filing taxes could result in fines - Fox 28: South Bend, Elkhart IN News, Weather, Sports

Not filing taxes could result in fines

Posted:

Everybody knows that April 15 is tax deadline but do you know what the penalties are for not filing on time? Some of those penalties can actually increase over time.

If you owe money:

  • you can be fined twice, once for not filing on time and once more for not paying on time
  • those fines can grow over time at a rate of 5 percent for each month you are late

If you will receive a refund:

  • you have a deadline of 3 years to claim your return
  • after 3 years the money is no longer yours, it belongs to the IRS

To avoid any fines or penalties you must file before midnight tonight.

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