WASHINGTON — 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 IRS 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!
But it doesn’t make much sense to file late. If you are owed a refund, why wouldn’t you want it as soon as possible? And if you have unpaid taxes, the late fees add up quickly.