Don’t Delay: Taxes Due By Midnight
That time of year has fast approached us and now it is finally here. That time of year that many of us find ourselves procrastinating. The deadline for taxes to be filed is midnight…tonight.
If you already have yours done, then you are ahead of the game. If you don’t have them in by the deadline, there may be some hefty consequences to pay. Here are a few reasons why you should get your taxes in on time:
- If you don’t send your return to the IRS by the April 15 deadline, you face a failure-to-file penalty, which starts at 5 percent of however much you owe.
- Late fees on what you owe start at 0.5 percent of your tax bill, which begin piling up on the first day you’re late.
- You’ll be charged a 3 percent daily compounding interest on the unpaid balance. Obviously, the IRS has no sense of humor or patience where our tax filings are concerned.
- Missing the deadline can result in a tax lien, which can seriously damage your credit.
- If you don’t pay your taxes, the IRS can file a notice with the credit bureaus which is a huge negative on your credit report.
None of us want to pay the government more than what we have too. Therefore, buckle down and, in the words of a well known comedian, “Git er done!”
If you need help getting your taxes prepared, Laramie County Community College is hosting a free tax service for students and the community through the Wyoming Free Tax Service for those who qualify.
For more information and to see if you qualify, you may contact them at 307-633-0866.