Late filing your 2012 Income Tax Return?
If you’re getting an income tax refund, no need to panic. You don’t even need to file an extension.
2012 tax returns that are due a refund have until April 15, 2016 (October 15, 2016 with an extension) to be filed with the IRS before the statute of limitations on the refund runs out. If you don’t file by then, the U.S. Treasury simply keeps your “donation.”
However, if you owe additional tax, file your return as soon as you can, even if you can’t pay your tax bill right away.
The penalties for not filing are much higher than the penalties for not paying, and the longer you wait, the worse it gets. See the What are the penalties for filing late? section below.
Can I e-file after the April 15 deadline?
What are the penalties for filing late?
It all depends.
- There is no penalty if you’re getting a refund, provided you file within the allotted 3-year timeframe.
- After 3 years, the “penalty” is forfeiture of your tax refund, as mentioned above.
- There is no penalty if you filed an extension and paid any additional taxes owed by April 15, as long as you file your return by the October 15 deadline.
- A late filing penalty applies if you owe taxes and didn’t file your return or extension by April 15.
- This penalty also applies if you owe taxes, filed an extension, but didn’t file your return by October 15.
- The late filing penalty is 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25%.
- Tip: The late filing penalty is 10 times higher than the late payment penalty. If you can’t pay your tax bill and didn’t file an extension, at least file your return as soon as possible! You can always amend it later.
- A late payment penalty applies if you didn’t pay additional taxes owed by April 15, whether you filed an extension or not.
- The late payment penalty is 0.5% (1/2 of 1 percent) of the additional tax owed amount for every month (or fraction thereof) the owed tax remains unpaid, up to a maximum of 25%.
Example: Let’s say you didn’t file your return or extension by April 15, and you still owe the IRS an additional $1,000.
Best-case scenario: You file your return on April 29, 2 weeks late, and submit your payment for $1,000. You would owe an additional $50 for filing late ($1,000 x .05) plus another $5 for late payment ($1,000 x .005) for a total penalty of $55.
(Had you filed your extension by the deadline, your total penalty would only be $5. It pays to file an extension!)
Worst-case scenario: You file your 2012 return in April of 2018, 5 years late, and submit your payment for $1,000. You would owe an additional $250 for filing late ($1,000 x the maximum .25) plus another $250 for late payment ($1,000 x the maximum .25), for a total penalty of $500.
What happens if I do not file, period?
You’ll probably receive a letter from the IRS reminding you to file your tax return, particularly if W-2 or 1099 forms were reported to the IRS by your employers. For additional information, refer to the IRS article What Will Happen If You Don’t File Your Past Due Return or Contact The IRS.
If you are due a refund, you’ll forfeit your refund if you do not file by April 15, 2016 (or October 15 of 2016 if you filed an extension).
Self-Employed?
You must file returns reporting your self-employment income within three years of the original filing deadline in order to receive Social Security credits toward your retirement. Don’t lose your Social Security benefits by not filing!
Are there any situations which allow me to file late?
you are out of the country on the April filing deadline, you are allowed two extra months (June 17, 2013) to file your return and pay the amount due, without needing to request an extension.
You’re considered out of the country if:
- You live outside of the United States or Puerto Rico and your main place of work is outside of the United States or Puerto Rico; or
- You are in military or naval service outside of the United States or Puerto Rico.
If you still need more time after the automatic June 17 deadline, you can request four additional months by filing an extension along with paying any taxes you owe.
Other Special Situations
- Residents of Suffolk County, Massachusetts have until July 15, 2013 to file their 2012 returns and pay taxes due. More info
- Taxpayers living in the Midwest or South who were unable to file their 2012 returns on time because of severe weather around the April 15 deadline may qualify for late filing without penalty. More info
Tags: 2012, 2013, deadline, income tax, IRS, Tax Planning, Tax Refund, tax return, TAXES
Posted by TaxGuy
on February 05, 2013
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Direct Deposit and Check date’s below. Please see disclaimer.
| IRS accepts your return (by 11:00 am) between…* |
Projected Direct Deposit Sent* |
Projected Paper Check Mailed* |
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January 30, 2013
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2/6/2013
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2/8/2013
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January 31
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and
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February 6, 2013
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2/13/2013
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2/15/2013
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February 9
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and
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February 13, 2013
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2/20/2013
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2/22/2013
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February 16
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and
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February 20, 2013
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2/27/2013
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3/1/2013
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February 23
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and
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February 27, 2013
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3/6/2013
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3/8/2013
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March 1
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and
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March 6, 2013
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3/13/2013
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3/15/2013
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March 8
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and
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March 13, 2013
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3/20/2013
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3/22/2013
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March 15
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and
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March 20, 2013
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3/27/2013
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3/29/2013
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March 22
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and
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March 27, 2013
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4/3/2013
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4/5/2013
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March 29
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and
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April 3, 2013
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4/10/2013
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4/12/2013
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April 5
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and
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April 10, 2013
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4/17/2013
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4/19/2013
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April 12
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and
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April 17, 2013
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4/24/2013
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4/26/2013
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April 19
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and
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April 24, 2013
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5/1/2013
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5/3/2013
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April 26
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and
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May 1, 2013
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5/8/2013
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5/10/2013
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May 3
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and
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May 8, 2013
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5/15/2013
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5/17/2013
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May 10
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and
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May 15, 2013
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5/22/2013
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5/24/2013
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May 17
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and
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May 22, 2013
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5/29/2013
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5/31/2013
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May 24
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and
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May 29, 2013
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6/5/2013
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6/7/2013
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May 31
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and
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June 5, 2013
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6/12/2013
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Tags: 2012, 2013, early, efile, H & R Block, income tax, IRS, Liberty Tax, Sales Tax, Scams, Small Business, TAX CODE, Tax Codes, Tax Cuts, Tax Deductions, Tax Exemptions, Tax Law, tax myth, Tax Planning, Tax Refund, tax return, Tax Update, TAXES
Bad news coming out of the IRS today. The IRS will not start processing 2012 Income Tax Returns until January 30th, 2013.
Here is the article from the IRS:
IRS Plans Jan. 30 Tax Season Opening For 1040 Filers
IR-2013-2, Jan. 8, 2013
WASHINGTON — Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30.
The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems. This will reflect the bulk of the late tax law changes enacted Jan. 2. The announcement means that the vast majority of tax filers — more than 120 million households — should be able to start filing tax returns starting Jan 30.
The IRS estimates that remaining households will be able to start filing in late February or into March because of the need for more extensive form and processing systems changes. This group includes people claiming residential energy credits, depreciation of property or general business credits. Most of those in this group file more complex tax returns and typically file closer to the April 15 deadline or obtain an extension.
“We have worked hard to open tax season as soon as possible,” IRS Acting Commissioner Steven T. Miller said. “This date ensures we have the time we need to update and test our processing systems.”
The IRS will not process paper tax returns before the anticipated Jan. 30 opening date. There is no advantage to filing on paper before the opening date, and taxpayers will receive their tax refunds much faster by using e-file with direct deposit.
“The best option for taxpayers is to file electronically,” Miller said.
The opening of the filing season follows passage by Congress of an extensive set of tax changes in ATRA on Jan. 1, 2013, with many affecting tax returns for 2012. While the IRS worked to anticipate the late tax law changes as much as possible, the final law required that the IRS update forms and instructions as well as make critical processing system adjustments before it can begin accepting tax returns.
The IRS originally planned to open electronic filing this year on Jan. 22; more than 80 percent of taxpayers filed electronically last year.
Who Can File Starting Jan. 30?
The IRS anticipates that the vast majority of all taxpayers can file starting Jan. 30, regardless of whether they file electronically or on paper. The IRS will be able to accept tax returns affected by the late Alternative Minimum Tax (AMT) patch as well as the three major “extender” provisions for people claiming the state and local sales tax deduction, higher education tuition and fees deduction and educator expenses deduction.
Continue reading…
Tags: 2012, 2013, income tax, IRS, TAX CODE, Tax Codes, Tax Refund, Tax Update, TAXES
Hello,
I am posting to answer some questions that have been asked of my small business as of late.
- Frequently Asked Income Tax Questions
# How much do you charge for individual income tax preparation?
Our fees are based on the number of individuals in the plan. The charge is $0 per individual. Yes, this does include dependents. So a family of four would pay $200.
# Can the tax preparation fee be taken out of my return or do I need to pay for the service upfront?
Both. We can either accept payment when filing or can have the payment deducted from your return.
# When is the first day that we can file an income tax return in 2013?
It really depends on the forms you will need. The I.R.S. has given dates for some forms and other forms are expected to be out around the same time.
Federal Forms 
Form 1040A Individual Tax Return01/10/2013
Form 2441 Child & Dependent Care Expenses01/10/2013
Schedule 8812 Child Tax Credit01/10/2013
Schedule EIC Earned Income Credit01/03/2013
So from reading this, it can be said that the 10th of January will be the first day that we will be able to efile your income tax forms.
# When will my return be direct deposited or a check mailed to me if I efile?
The I.R.S. hasn’t given out much detail about their schedule but we have used prior years I.R.S. Tax Calendar and modified it using the information that we have received from the I.R.S. so far. To view the I.R.S. 2013 Income Tax Payment Schedule, click here.
# How much will I get back from my return?
That is entirely dependent on your personal factors including your income and tax payments for 2012. You’re personal situation can also affect this great. HR Block created a great tool for getting an estimate of your tax refund. It is simple, so if you have more advanced taxes, it is most likely incorrect. You can calculate your 2012 Income Tax Return by clicking here.
Continue reading…
Tags: 2012, 2013, H & R Block, income tax, IRS, TAX CODE, Tax Codes, Tax Exemptions, Tax Law, Tax Planning, Tax Refund, Tax Update, TAXES
Posted by TaxGuy
on December 07, 2012
Tax Planning,
Tax Refund /
No Comments
Get Your Income Tax Refund by January 28th 2013!
We finally have information about the Refund Calendar from the I.R.S. To see the dates that checks will be refunded, click here. We will actually be able to start filing on January 3rd 2013. This is the date that all of the tax forms needed will be available from the I.R.S. If you are interested in filing on this date, we will need your final 2012 pay check and a copy of your 2011 Tax Return that you filed in 2012.
If you are a returning client, we will just need your last pay stub from 2012 and any other information such as deductible expenses. We will still go over and make sure that we are not missing any 2012 information that could result in deductions or credits.
Contact us today to schedule an appointment via email or in office for January 2013! Appointments are limited, so please contact us as soon as possible!
Tags: 2012, 2013, Tax Planning, Tax Refund, Tax Update, TAXES
Income Tax Refund Schedule 2012 Tax Payments
Tags: 2012, 2013, IRS, Tax Codes, Tax Planning, Tax Update, TAXES
1. The 2013 Tax Season Is Closer than You Think
Industry experts generally agree that proper tax planning takes an average of six months – the time it often takes experts to educate themselves on all available opportunities, determine the best approach, and implement the plan. When you consider that six months from today puts us in March 2013, suddenly next year’s tax season doesn’t seem so far away. If you really want to get the best tax outcomes in 2013: the time to start planning is now.
2. Uncertainty Looms Over Next Year’s Tax Climate
Next year’s tax climate can be best characterized by its extreme uncertainty, which will be brought on by changes resulting from the Supreme Court upholding the Affordable Care Act, as well as by a number of provisions in the Bush tax cuts that are set to expire. This level of uncertainty will make early 2013 a chaotic time for tax planning, and it makes now an even more important time to get the planning process started.
3. You Could Still Benefit from Generous Tax Breaks that May Be Gone Next Year
With many provisions of the Bush tax cuts set to expire at year end, starting your 2013 tax planning now means you’ll still have a chance to take advantage of some breaks that may be history by year end. Rates are set to increase on federal income taxes (from 36 percent to 39.6 percent), long-term capital gains (from a maximum tax rate of 15 percent to 20 percent), and dividends (to be taxed as ordinary income). Waiting too long to plan for 2013 may cause you to miss out on some of these tax breaks for good.
4. The Estate Tax Is Set to Increase
Significant changes are also set to take place when it comes to the estate tax. This tax is set to increase from 35 percent this year to 45 percent next, and the lifetime exemption amount will go down from $5.12 million to $1 million – unless Congressional action is taken. These changes are likely to impact your plans for 2013, and they make it even more critical that you start the planning process immediately.
5. The Alternative Minimum Tax Will Greatly Expand its Reach
Another large tax provision certain to have an impact on many individuals is the higher Alternative Tax Exemption, or AMT patch. This exemption is set to drop from $74,450 this tax year to $45,000 next year. This means that not only will many more people have to pay the AMT patch, but the increase in taxable income will result in even more taxes that individuals pay next year. AMT may not have applied to you in the past, but this year, it may be one of many reasons for you to plan carefully for 2013.
“Regardless of what happens in Congress between now and the end of the year, people can still ensure economic stability for themselves and their future,” said Andrew Lattimer, a partner at BlumShapiro. “But the key is starting now by consulting your tax professionals while there is time to plan without being caught up in what is certain to be a chaotic early 2013.”
Tags: 2013, IRS, TAX CODE, Tax Planning, TAXES
Yes, you can e-file your 2012 tax return through October 15, 2013. After that, the IRS shuts down e-filing to get ready for the following tax year, and you will need to file a conventional paper return.
you are out of the country on the April filing deadline, you are allowed two extra months (June 17, 2013) to file your return and pay the amount due, without needing to request an extension.