If you have a balance due with the return, the IRS will impose penalties for filing late. Currently the penalties are:
- 5% of the balance owed for each month or part of a month that the return is filed after the deadline;
- 0.5% of the balance owed for each month or part of a month that the balance is unpaid; and
- 4% annual interest charge on the unpaid balance.
Make sure you gather up all your tax-related documents. If you're missing any W-2, 1099, or other tax documents, you can ask the IRS to send you a copy of what they call the wage and income transcript. To request this you'll first need to fill out Form 4506-T. You can also get the printout from a local IRS office or through me.
John R. Dundon, EA - www.1040.com/jd - Taxpayer Advocate - Enrolled with the United States Department of Treasury to Practice before the IRS - Under contract with the United States Department of Treasury as a Certified ITIN Acceptance Agent - Direct phone # 720-234-1177
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