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How to Avoid Penalties for Filing Late Tax Returns

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Taxes. Yes, it's time to talk about that dreaded T-word. 

The deadline is here, April 15, 2019.  But, let's face it.  Not everyone is going to file on time.

The best plan is to file on time, even IF you owe taxes.

Should You File an Extension?

Filing an extension does push back your tax deadline and can prevent late-filing penalties. 

TurboTax says that penalty can add up at a rate of 5% of the amount due with your return.  And, oh by the way, you'll be penalized every month you're late! Watch the video for a step-by-step example of how to calculate your penalty.

What Is the Extension Deadline?

According to the IRS, you're new deadline is October 15,2019 assuming you filed for that extension by April 15, 3029.  Of course, this is for the 2018 tax deadline.

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