The calendar shows April
15, and you haven't even started on your federal tax
return? Don't fret. If you're due a refund, April 15 isn't much of a deadline
The Internal Revenue
Service doesn't like to talk about it, but penalties for filing late federal tax returns apply only to people who owe money.
The penalty is a percentage of what you owe. If you owe nothing, 5 percent of
nothing is ...nothing.
But it doesn't make much
sense for anyone to file late. If you are owed a refund, why wouldn't you want
it as soon as possible? And if you have unpaid taxes,
the late fees add up quickly.
The IRS says about
three-fourths of filers get refunds.