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Late with your tax filing? Submit it sooner rather than later

It may sound like something out of a dream, but wouldn't it be great to not have to file taxes? It would be one less stressor anyone would have to think about. But, of course, we need to file out taxes by the April deadline, which for this past April was on the 18th. That is when our 2015 tax filings were due.

But not everyone ends up filing by that deadline, for a variety of reasons. Maybe they filed for an extension and are now responsible for getting their tax return in by the October deadline for extended tax returns. Maybe they forgot to file by the deadline. Maybe they just didn't want to file, and took a rebellious stand this year. Ultimately, no matter the reason, it is never a good idea to simply not file your taxes (unless you were approved for that aforementioned extension).

But if you didn't file your taxes without an extension, what should you do? The longer you wait to file, the more problems you cause yourself. There is a 5 percent late fee attached to late filings for every month the filing is late. The penalty caps at 25 percent. In other words, even if you are late with your filing, it still behooves you to send it in whenever you can. The earlier, the better.

If you have any questions about late tax filings, or you are in the middle of a controversy sparked by the IRS taking action against you, then consult with an attorney as soon as possible.

Source: The Motley Fool, "Can I Still File 2015 Taxes?," Dan Caplinger, May 22, 2016

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