Tax Season’s Little Known Secret

Columbia, S.C. (WOLO) — Tax professionals say one of the biggest secrets during tax season, is that not everyone is penalized, even if they miss the tax filing deadline. If you’re among last-minute filers, you may not have to rush after all. That’s because if you’re due a refund from the Internal Revenue Service and miss the April 15 deadline, you won’t be penalized. “A lot of [people] come in at the last minute wanting to make sure they won’t be penalized,” said Gwen Javis-Tidwell of Javis Tax Service. In fact, if you know you’ll get money back, you can wait up to three years to claim your refund and not face a penalty, according to a second tax professional we spoke with by phone. It’s a tax tidbit, many people have no idea about. If you do owe the federal government, tax professional, javis-Tidwell advises get that tax refund in by midnight, Tuesday, April 15th, or face the consequences. “If you don’t file by tomorrow, if you owe the IRS, you will be penalized,” said Javis-Tidwell. The reason there’s a difference? The IRS is anxious to collect payments from those who owe and is less concerned about issuing unclaimed refunds. Whenever you file, though, you’re encouraged to have all pertinent information, safeguard yourself when e-filing, and consider keeping records as you go, instead of the right before the deadline. “Good file-keeping throughout the year is perfect.” If you file an extension, according to tax professionals, your deadline to file a tax return is October 15.