Help! Tax Deadline Tonight!

October 15, 2009 4:46 PM

HELP! It's tax day. Tax return due tonight. HELP!

My 2008 filing deadline is tonight. I have paid 2008 tax in full, on time (i.e., April 15 2009). But I got an automatic extension to file, and filing deadline is just over 4 hours away. I can crank the thing out, but I'd rather not. My question concerns the penalty. Repeat: I paid full tax due on April 15.

QUESTION: How much is my penalty if I file next week?

posted by SallyHitMeOntheHead to Law & Government (8 answers total)

I know this isn't answering your question, but I would try using the US Post Office Click & Ship and generate a postmark for today and just drop it in the box tomorrow, if you can. I run a business that ships US Priority Mail and we've never, ever had anything returned due to a postmark/ship date difference. Sometimes we miss the pickup and, oh well, it goes out the next day. Though if you wait around for 2 or 3 days though I would say all bets are off.
posted by crapmatic at 4:57 PM on October 15, 2009 [3 favorites]

According to this, penalties are calculated on the amount due.
posted by The Deej at 5:06 PM on October 15, 2009

If this is just your individual return that's late, and you're already paid in full, don't sweat it. I've been more than a year late before, and I got some increasingly insistent letters from the IRS, but because I had overpaid my taxes, they did not charge a penalty when I finally got around to filing.

If this is a *partnership* tax return, on the other hand, then get that sucker filed ASAP. I was lucky to talk my way out of a $1000+ late filing penalty for one of those.
posted by brain at 5:08 PM on October 15, 2009

If this is a personal tax return and you are absolutely certain that you do not owe anything, don't sweat it and mail it in tomorrow. I've filed 2 years late before and I was not penalized because I overpaid. I got the same refund I would have gotten had I filed on time.

But seconding banging that sucker out and filing ASAP if it's a partnership or other corporate return. They are sticklers on the due dates for those.
posted by bedhead at 5:11 PM on October 15, 2009

Response by poster: Jackpot AskMetafilter!
3 answers, 3 good infos.
M. Crapmatic's solution may not help us tonight, but it's valuable tradecraft.
The Deej helped us quantify matters.
And brain gave us the invaluable hands-on.
THANKS ALL!
posted by SallyHitMeOntheHead at 5:16 PM on October 15, 2009

Response by poster: Not to short bedhead, whose comment came in while we were thanking his/her predecessors.
posted by SallyHitMeOntheHead at 5:18 PM on October 15, 2009

I filed today, because I pressured my accountant although it was my fault and two partnerships lack of timely k-1's. She was telling me not to worry since I was expecting a refund. Did not have to file by the deadline. Her only contention was that by filing late I could be red flagging future returns. Sounds like BS, but you never know.
posted by JohnnyGunn at 5:49 PM on October 15, 2009

The failure-to-file penalty - as described in the link provided above by The Deej, and on page 19 of IRS Publication 17 (PDF) - is 5% of the net tax due for each month or part of a month that the return is late (up to a maximum penalty of 25%). Keep in mind that a fraction of a month - even one day - counts as a full month. Also, interest will accrue on the failure-to-file penalty from the due date of the return (Oct. 15, in your case) until the date you actually pay the penalty. So it's a good idea to file as soon after the due date as you can.

If you failed to file a timely return due to some reasonable cause (e.g., severe illness) as opposed to willful neglect, and you can prove it, the IRS may decide to waive the penalty.
posted by velvet winter at 10:11 PM on October 15, 2009