There are just hours left for millions of taxpayers to file their returns - steps to avoid any delays
There is only one day left for those who requested an extension to file
their 2021 income tax returns, as the deadline is Monday, October 17.
Normally, the extension deadline falls on a Saturday, but this year it falls on October 15.
It has been moved to the next business day.
Taxpayers may face late filing penalties if they fail to file their returns by tomorrow.
Failure to file penalties are calculated on your tax return's lateness plus the amount of
unpaid tax as of your original payment due date, not the extension deadline.
According to the IRS website, unpaid taxes are the taxes due minus
the amounts withheld, estimated payments, and refundable credits.
If you fail to file a tax return on time, you will be assessed
a five percent penalty of the unpaid taxes.
The penalty, however, cannot exceed 25 percent of your unpaid taxes.