Make us your home page
Instagram

Psst … Tax day is here and the IRS won't forget (w/video)

The calendar shows April 15, and you haven't even started on your federal tax return? Chances are, you don't need to fret. • If you're due a refund — and about three-fourths of filers get refunds — April 15 isn't much of a deadline at all. • 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!

If you need more time

File Form 4868 to get a six-month extension, no explanation necessary. You won't be alone. The IRS expects 12 million extension requests.

Penalties for not filing

The failure-to-file penalty is generally 5 percent of your unpaid tax bill for every month, or part of a month, you are late. It kicks in on April 16. In general, the maximum penalty is 25 percent of your original tax bill. There also is a penalty for failing to pay your tax bill, separate from the penalty for failing to file at all, but it's much smaller.

Fast facts

• The IRS expected to receive about 35 million returns in the last week before the deadline.

• Through April 4, 99.9 million returns had been filed, with 78.8 million receiving refunds totaling $220 billion.

• 90 percent of returns have been filed electronically.

•Last year, the feds collected $2.8 trillion in taxes and fees.

Who pays federal taxes

• Individual income tax: 47 percent.

• Payroll taxes: 32 percent.

• Corporate income tax: 10 percent.

• Excise taxes: 3 percent.

• Unemployment insurance: 2 percent

• Estate and gift taxes: 1 percent.

• Customs duties: 1 percent.

• Miscellaneous: 4 percent.

Sources: Associated Press, IRS, AP-GfK Poll conducted March 20-24, Treasury report on budget year 2013

Psst … Tax day is here and the IRS won't forget (w/video) 04/14/14 [Last modified: Tuesday, April 15, 2014 12:10pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Pasco county lawyer disbarred for taking woman's money

    Real Estate

    NEW PORT RICHEY — The Florida Supreme Court on Thursday disbarred Pasco County attorney and former congressional candidate Constantine Kalogianis.

    The Florida Supreme Court on Thursday disbarred Pasco County attorney and former congressional candidate Constantine Kalogianis. 
[2016 booking photo via Pasco County Sheriff's Office]
  2. Rick Scott signs package of tax breaks

    State Roundup

    TALLAHASSEE — Gov. Rick Scott signed a tax cut package Thursday that — while vastly scaled back from what he wanted — eliminates the so-called "tampon tax" and offers tax holidays for back-to-school shoppers and Floridians preparing for hurricane season.

    Florida Governor Rick Scott signed a tax cut package that will cost state coffers $91.6 million during the upcoming year. [Joe Raedle | Getty Images]
  3. FBI probes fraudster's alleged church scam following Tampa Bay Times report

    Real Estate

    PLANT CITY — Once again, the FBI is investigating felon fraudster Victor Thomas Clavizzao.

    The FBI is investigating convicted mortgage fraudster Victor Thomas Clavizzao on new allegations following a Tampa Bay Times report.
[TImes file photo]

  4. Tampa Bay is ground-zero for assignment of benefits cases over broken auto glass

    Banking

    When Rachel Thorpe tried to renew her auto insurance last year for her Toyta RAV4, she was stunned to see her monthly premium had nearly doubled to $600. The Sarasota driver was baffled since her only recent claim was over a broken windshield.

    Auto glass lawsuits filed by a third party (through what's known as assignment of benefits) are skyrocketing in Tampa Bay.
[Times file photo]
  5. Siesta Beach tops Dr. Beach's rankings of best locations in America

    Tourism

    Three beaches in Florida made it on a highly coveted list of the top 10 in America this year, ranked by Dr. Stephen Leatherman, a.k.a. "Dr. Beach."

    This May 18, 2017 photo shows Siesta Beach on Siesta Key in Sarasota, Fla. Siesta Beach is No. 1 on the list of best beaches for the summer of 2017 compiled by Stephen Leatherman, also known as Dr. Beach, a professor at Florida International University. [Chris O'Meara | Associated Press]