Tag: October tax extension

The deadline for tax returns for 2020 returns is approaching, but there is still time to avoid additional penalties and fees. Filers have until October 15 to file an extended return, originally on May 17. Those who have applied for an extension can waive the late penalty by sending a refund by October 15. Otherwise, failure to pay the penalty means 5% tax per month, limited to 25%. There are usually no file-to-file penalties for refunds, but taxpayers are likely to lose their money by waiting too long to file. Taxpayers can use online filing options, such as IRS free files, to send returns. In addition, states may have different deadlines for tax extensions, so filers should double check the details through their state tax website. More time to fileAlthough the October 1...