The Process Of Filing Income Tax Returns

The Process Of Filing Income Tax Returns

The process of filing income tax returns is, for many Americans, not a favorite annual event. A common reason people put the task off is that they know they will owe money—and can’t afford to pay. Yet not filing or filing late comes with some pretty big repercussions.

Some of the drawbacks of not filing by April 18 (or August 18, if you file an extension) are:

Your tax bill could increase by 25% or more, due to penalty and interest charges.

Additional penalties and/or criminal prosecution if you continue to not file.

Losing the refund, if there’s one due (the deadline for claiming refunds is three years after the return due date).

The loss of Social Security credits that go toward your retirement (if you are self-employed and don’t file returns within three years of the due date).

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