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The tax filing deadline was April 18th and you didn’t file a tax return. What should you do? KSMU Matthew Barnes reports.
To avoid bigger fines the sooner you file your taxes the better, according to IRS spokesman Michael Devine. He says for people who didn’t owe the government any money, they can still file for their tax returns without penalty. For those who do owe, they should file as soon as possible.
“If you didn’t file your tax return by April 18th and you did not request an extension until October then you may have to pay a failure-to-file penalty if you have a balance due, if you still owe taxes,” he said.
The failure-to-file penalty is five percent per month of the taxes due, up to a 25 percent-that’s as long as you’re still within 60 days of the filing deadline. If the tax return is 60 days late, the minimum penalty is $135 or the taxes due, whichever is less.
“The easiest way to do your taxes is go to www.IRS.gov click on free file and just follow the prompts to find a company that will give you the best service for what you need. And there is also an IRS taxpayer assistance center in Springfield where you can walk in, no appointment necessary, to get the information and help you need to file your tax return," he said.
If you still need to file your taxes the IRS’s “Free File” program is still available at www.IRS.gov for people who made less than $58,000 to prepare and e-file a 1040 tax return form for free.
For KSMU News, I’m Matthew Barnes.