Frequently asked questions
When do I have to file my Form 1040 federal personal income tax return?
For personal tax returns the filing deadline is usually April 15th for both federal and state tax returns. If you need more time you can file Form 4868 Automatic Extention of Time to File Individual Tax. Keep in mind an extension must be filed for the state in which you reside. Also, filing an extension will only help to avoid late filing penalties and will not stop late payment penalties or interest from accruing on your unpaid tax liabilities.
*Remember the deadline for filing personal income tax returns is only for those taxpayers who owe! If you are expecting a refund you have three (3) years to file to claim your refund!
When do I have to file my Forms 1041, 1120, 1120S, and 1065 federal business income tax returns?
For corporate business, tax returns the filing deadline is usually March 15th for both federal and state tax returns. If you need more time you can file Form 7004 Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns. Keep in mind an extension must be filed for the state in which the business is located. Also, filing an extension will only help to avoid late filing penalties and will not stop late payment penalties or interest from accruing on your unpaid tax liabilities. The late payment penalties and interest will continue to accrue until the tax bill is paid in full.
How much interest does the IRS charge?Interest is charged on taxes not paid by the due date, even if an extension of time to file is granted.Interest is also charged on penalties imposed for failure to file, negligence, fraud, substantial valuation misstatements, substantial understatements of tax, and reportable transaction understatements. Interest is charged on the penalty from the due date of the return (including extensions). The interest charge is figured at a rate determined under section 6621.
What is the penalty for late filing of return?The law provides a penalty of 5% of the tax due for each month, or part of a month, for which a return isn't filed up to a maximum of 25% of the tax due (15% for each month, or part of a month, up to a maximum of 75% if the failure to file is fraudulent). If the return is more than 60 days late, the minimum penalty is the smaller of $435 or the tax due.The penalty won't be imposed if you can show that the failure to file on time was due to reasonable cause. If you receive a notice about penalty and interest after you file this return, send us an explanation and we will determine if you meet reasonable-cause criteria. Don't attach an explanation when you file Form 1041.
What is the penalty for late payment of tax?Generally, the penalty for not paying tax when due is ½ of 1% of the unpaid amount for each month or part of a month it remains unpaid. The maximum penalty is 25% of the unpaid amount. The penalty applies to any unpaid tax on the return. Any penalty is in addition to interest charges on late payments.
How do I find out when my refund will arrive?
If you visit irs.gov and click on "Check My Refund Status" you can ascertain whether your return was received, has been approved, or has been issued! You will need to input your social security number, the refund amount you expect to receive, and your filing status (single, head of household, or married filing jointly).
*You will usually receive your refund within 3 weeks of the date when the IRS receives your e-filed return, even faster if you elect to have it directly deposited into your checking or savings account.
If you mail a paper Form 1040, U.S. Individual Income Tax Return PDF, it can take up to 6 months to process your return.
**AlertDue to staffing issues, processing paper tax returns could take several weeks longer. Taxpayers and tax professionals are encouraged to file electronically. What should I do if I receive a letter from the IRS or my state's taxing authority? If you ever receive any correspondence from the IRS or your state's taxing authority concerning any tax-related matters. You should contact us immediately so that we can advise you and assist you on how to respond appropriately and in a timely manner.
If you mail a paper Form 1040, U.S. Individual Income Tax Return PDF, it can take up to 6 months to process your return.
**AlertDue to staffing issues, processing paper tax returns could take several weeks longer. Taxpayers and tax professionals are encouraged to file electronically. What should I do if I receive a letter from the IRS or my state's taxing authority? If you ever receive any correspondence from the IRS or your state's taxing authority concerning any tax-related matters. You should contact us immediately so that we can advise you and assist you on how to respond appropriately and in a timely manner.