Believe it or not, the IRS is more of a stickler for paperwork than for money, despite its well-deserved reputation for collecting what it is owed without showing much mercy. After the April 18 filing deadline, the IRS assesses a Failure to Pay a penalty of merely 0.5% on any unpaid portion of your bill. But, the government will hit you with a Failure to File Penalty of 5% if you fail to submit a return by the deadline. It's not surprising that missing the deadline is the top concern for more than 13% of the population, given that it's 10 times more expensive to file late than it is to pay late, according to a recent survey. It undoubtedly feels like a long time, but you still have over a month and a half to submit your taxes. Making the deadline, however, is all about managing the time, which you can only do if you stay out of the unexpected. To do your taxes before the buzzer sounds, follow these steps. |