The tax-filing deadline is April 15, 2010. Which means you have until April 15 to file a return for the calendar year that ended December 31, 2009.
If you failed to meet the April 15, 2010 deadline, you can obtain an extension by filing Form 4868. The extension grants you six additional months, to October 15, 2010 to file your return.
Without a valid extension, a delinquent return is subject to a 5% per month penalty on any unpaid balance. The combined penalties for late-filing and late-payment can be as much as 47.5% of the unpaid tax.
If you don’t file your return by Oct 15, 2010, both the late-filing and late-payment penalties apply. Interest on the unpaid balance and accrued penalty will continue to be charged until the balance due is paid.
DELINQUENT RETURNS If you’ve neglected to file a personal or business return, don’t think the problem will just go away, it won’t! Don’t kid yourself, they know who you are. The best possible course of action is to come forth on a voluntary basis by filing your delinquent tax returns. If you do, the government will be more lenient with its enforcement action against you.
Note: The problem can get far more serious for those who haven’t filed for several years and who owe large amounts of money. Those people may get hit with criminal charges.
Call StrategyOne today for help on filing an extension.