Tax Day 2015

tax filing deadline

 The deadline to file your taxes in 2015, also known as Tax Day, is April 15th.

 

Tax Day 2015

April 15th.  If you know one date about taxes, it's this one.  However the most well known date in the tax code is also the most misunderstood.  Most people think it's the deadline for filing their personal income taxes.  That's pretty close and there's no reason why you shouldn't file by 4/15.  However if you're getting a refund, which most taxpayers are, you don't have to file by tax day.  In fact you have 3 years to file with no late fees or penalties. Note this info applies to federal returns, many states have different rules.

 

So What Does Tax Day Really Mean?

Tax Day is a payment deadline, not necessarily a filing deadline.  The meaning differs if you're getting a refund vs. if you owe taxes. The following information applies to Tax Day 2015 (filing taxes on the money you made in 2014).

If you’re getting a refund:

  • You can file for 3 years, through April 15, 2018 with no late fees or penalties.  You don't need to file an extension, just file whenever you like.
  • If you don’t file by 2018, you forfeit your refund.
  • Although you don't have to file by April 15, we recommend you do.  Your refund is an interest free loan you're giving Uncle Sam, why give him any longer to pay you back?  And it's not a small loan - the average refund is $2,893 this year!  File today and get yours!

If you owe additional  taxes:

  • There is no penalty if you file an extension and pay 90% or more of taxes owed by April 15, 2015 as long as you file your return by October 15, 2015.
  • A late filing penalty applies if you owe taxes and don't file your return or an extension by April 15, 2015.
    • The late filing penalty is 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25%.
    • The late filing penalty is 10 times higher than the late payment penalty. If you can’t pay your tax bill and didn’t file an extension, at least file your return as soon as possible! You can always amend it later.
  • A late payment penalty applies if you don't pay 90% or more of taxes owed by April 15, 2015, whether you filed an extension or not.
    • The late payment penalty is 0.5% (1/2 of 1 percent) of the additional tax owed amount for every month (or fraction thereof) the owed tax remains unpaid, up to a maximum of 25%.

If you’re not sure if you owe or are getting a refund:

  • If there’s a chance you owe, the penalties could be racking up, so don’t risk it by waiting.  File by April 15.
  • Most of our customers complete their taxes in minutes, so file now and get it over with.

 

What About Filing an Extension?

Extensions are fool’s goldyou still have to pay at least 90% of taxes owed.  That means you have to do enough of your taxes to determine how much you owe.  You might as well just spend a few more minutes and finish your taxes.  And if you're getting a refund, federal extensions are unnecessary.  You have 3 years to file, without filing an extension.

 

What If I Miss the Tax Filing Deadline?

As mentioned above, it depends if you're getting a refund or owe taxes.  If you're getting a refund, you can file for 3 years, through April 15, 2018, with no late fees or penalties.  If you are unable to pay the taxes you owe, contact the IRS and work out a payment plan.

 

File Your Taxes Now

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