Taxes are due this year on April 18th. Here’s what you should know ahead of the deadline:
Daniel Acker / Bloomberg via Getty ImagesThis year, it falls on Tuesday, April 18 — the result of the District of Columbia's observance of Emancipation Day today, April 17, and the fact that the typical deadline, April 15, fell on a weekend.
Filers can still request an extension, at which point they have until Monday, Oct. 16 to submit their full return. If you haven’t filed yet and think you cannot afford software or an accountant to file your taxes — and you made less than $73,000 last year — you canIf you fail to pay your taxes, you'll owe a 0.5% monthly penalty on the unpaid amount, in addition to the unpaid amount itself, for each month, or part of the month, that taxes remain unpaid. That penalty rate keeps accruing until the total tax penalty reaches 25% of your total unpaid taxes.
The penalty rate increases to 1% if you don’t pay your tax 10 days after receiving an Internal Revenue Service notice about its intent to levy a penalty.Generally, individual taxpayers who made less than $12,950, or $25,900 for a married couple filing jointly, are not required to file a federal tax return.
The IRS says low-income individuals should still file because they may be entitled to a refund from withheld taxes, or from programs like the
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