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Tax Extension Penalty

Why You Should File Your Taxes on Time

Tons of people file tax extensions, more than 10 million to be exact. But what's the harm in doing that — does this little bit of procrastination hurt? Patrick Cox, CEO of TaxMasters, lists the negative outcomes of tackling your taxes beyond the April 18 deadline. He says:

  1. A lot of people assume that they don't need pay off what they owe in April, because they filed a tax extension. But if you don't pay up by the April deadline, you may be charged a penalty or interest on the amount you owe.
  2. Filing extensions may lead to all sorts of tax trouble and encourage truant behavior, which includes missing the October tax extension deadline. This year the deadline falls on October 17.

Convinced? Read these three tax tips to get you started.

Source: Thinkstock
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