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Filling Late and/or Paying Late: Information you should know
1. Failure to file a return or filing late can be costly. If taxes are owed, a
delay in filing may result in penalty and interest charges that could increase
your tax bill by 25 percent or more.
2. There is no penalty for failure to file a tax return if a refund is due. But
by waiting too long to file, you can lose your refund. In order to receive a
refund, the return must be filed within 3 years of the due date. If you file a
return, and later realize you made an error on the return, the deadline for
claiming any refund due is three years after the return was filed, or two years
after the tax was paid, whichever expires later
3. Taxpayers who are entitled to the Earned Income Tax Credit must file a return
to claim the credit even if they are not otherwise required to file. The return
must be filed within 3 years of the due date in order to receive the credit.
4. If you are self-employed, you must file returns reporting self-employment
income within three years of the due date in order to receive Social Security
credits toward your retirement.
5. Taxpayers who continue to not file a required return and fail to respond to
IRS requests for a return may be considered for a variety of enforcement
actions. Continued non-compliance by flagrant or repeat non-filers could result
in additional penalties and/or criminal prosecution.
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