The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • QR Code
  • Books
  • Categories
  • Coaching
  • Hire Lynnette
  • Money Coach University™
  • The Money Coach Recommends™
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • QR Code
No Result
View All Result
The Money Coach
No Result
View All Result

Worried About Filing a Late Tax Return?

Guest Blogger by Guest Blogger
in Taxes
Reading Time: 2 mins read
filing late tax return
10
SHARES
173
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Didn’t file your 2014 taxes by April 15, 2015? No worries, we’ll let you in on an industry secret – if you’re getting a refund, you can file for up to 3 years with no late fees or penalties!

If you owe additional taxes, your penalties are racking up so file your tax return as soon as possible to stop the clock on them.

Either way, it’s not too late to file your 2014 taxes. Read more about your specific situation below.

If you’re getting a refund on your 2014 tax return:

  • You can file through April 15, 2018 (October 15, 2018 if you filed an extension) with no late fees or penalties.
  • If you don’t file by 2018, you forfeit your refund.
  • Your refund is an interest free loan you’ve given Uncle Sam, so why give him any longer to pay you back?  And it’s not a small loan – the average refund is around $2,800 this year!  File today and get your refund back!

If you owe additional 2014 taxes:

  • There is no penalty if you filed an extension and paid 90% or more of taxes owed by April 15, 2015 as long as you file your return by October 15, 2015.
  • A late filing penalty applies if you owe taxes and didn’t file your return or an extension by April 15, 2015.
    • 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%.
    • 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 90% or more of taxes owed by April 15, 2015, 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%.

If you’re not sure if you owe or are getting a refund in 2014:

  • If there’s a chance you owe, the penalties are racking up, so don’t wait another day.
  • Most of our customers complete their taxes in minutes, so file now and get it over with.
Bill Hendricks
Bill Hendricks – CEO of Common Form

Bill Hendricks is the CEO and co-founder of Common Form, which helps people with simple finances file taxes in 5 minutes from their phone or computer.

Previous Post

6 Financial Decisions That Will Impact Your Kids, Grandkids & Great Grandchildren

Next Post

Why a Degree From Your Dream College Isn’t Worth Going Into Big Debt

Related Posts

Close up of lower left corner of Internal Revenue Service form 1099-MISC

A Really Simple Explanation of The IRS 1099 Form 

by Lynnette Khalfani-Cox, The Money Coach

As tax season approaches, many individuals and businesses gather their tax documents to file their tax returns. One of the necessary forms that individuals who earn income from non-employment sources need to file is the 1099 form. The 1099 form reports the amount of money an individual or business received...

Elderly Black American Man, African Person Working From Home

Why Do I Owe Taxes? I Am On Social Security

by Lynnette Khalfani-Cox, The Money Coach

Dear Lynnette, I was very upset yesterday to learn that my husband and I owe taxes ($1,100) for 2022. I am on Social Security and my husband is a supervisor at a motel here in Wyoming. I work part time and claimed zero as did my husband. I had an...

Breaking Down the ‘Penalties’ of Single Tax Filings

by Lynnette Khalfani-Cox, The Money Coach

With the new tax filing deadline looming, I stopped into Black News Channel’s “BNC Live” to discuss the upsides of joint filings and the disadvantages of filing solo. To kick off the segment, I detailed the built-in “penalties” that single individuals face in many aspects of life, including higher taxes,...

tax refund

Making the Most of Your Tax Refund

by Lynnette Khalfani-Cox, The Money Coach

With tax season upon us, millions of Americans are expecting sizable refunds.  But there’s no consensus on the best ways to put that money to work.  I stopped into PIX 11 in New York City to share some tips and strategies for maximizing the extra cash. I kicked off the segment with...

Car tax break tips

Skip the Luxury Car and Other Vehicle Tax Break Tips

by Guest Blogger

When it comes to purchasing your next vehicle, you could be leaving money on the table. The truth is that savings on your next car are not only dependent on special deals offered by the dealership. There are also savings to be had in the form of a tax break. Around...

uber and lyft

Tax Pros and Cons for Uber and Lyft Drivers

by Guest Blogger

While being a driver for Uber or Lyft is a great way to earn extra income, it can also come with many tax benefits and disadvantages. Getting an understanding of what can help you at tax time is essential so that you do not owe Uncle Sam more than what...

GOP Tax Plan Hurts The Middle Class

5 Horrible Things About the GOP Tax Plan

by Lynnette Khalfani-Cox, The Money Coach

President Donald Trump and the Republican Party are trying to rush a massive tax “reform” plan through Congress with as little as possible public hearings on the matter. It’s little wonder that the GOP doesn’t want too much scrutiny into this misguided, unfair tax proposal, because this tax plan –...

Load More

Popular Posts

  • Car repair

    What to Do If You Can’t Afford a Car Repair Bill

    1376 shares
    Share 550 Tweet 344
  • What to Do if Your Spouse Stole Money From You

    1165 shares
    Share 466 Tweet 291
  • What to Do If You Can’t Afford to Leave Your Spouse

    1102 shares
    Share 441 Tweet 276
  • Here’s Why I Pay My Kids For Good Grades (And Maybe You Should Too)

    1008 shares
    Share 403 Tweet 252
  • What Do All Those Strange Codes In My Credit Report Mean?

    813 shares
    Share 325 Tweet 203
  • Do This Now If Your Wages Were Not Reported

    743 shares
    Share 297 Tweet 186
  • How to Find Out if a Debt Collector is Licensed to Collect Your Debt

    722 shares
    Share 289 Tweet 181

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

RSS / Sitemap /Submit an Article / Privacy Policy / LynnetteKhalfaniCox.com

No Result
View All Result
  • Books
  • Categories
  • Contact Lynnette
  • Get Coaching
  • Hire Lynnette
  • Money Coach University™
  • The Money Coach Recommends™
  • Home
  • Subscribe to Newsletter
  • QR Code

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist