Q: What are the consequences if I file my taxes late?
A: Although an extra day was added to get your taxes in, another tax filing deadline has come and gone.
The passing of Wednesday’s deadline could mean extra fees for those who didn’t file their taxes without getting an extension.
The deadline for requesting an extension has also passed.
Penalties for filing late with the federal government could cost up to 5 percent of the amount due for each late month, according to Intuit Turbo Tax.
It could also mean not getting a refund if one was owed to you, delayed loan application processes and not receiving Social Security or disability benefits if you’re self-employed, according to the IRS.
In Wisconsin, filing your state tax return late without an extension could mean a fine of $50, according to the state Department of Revenue.
Delinquent interest of 1.5 percent per month is also included. During an extension period, interest is charged at 1 percent a month. A negligence penalty for failure to timely file is 5 percent per month of the tax required to be shown on the return, up to a maximum of 25 percent.
Form 1127 is used to request extra time to pay taxes owed.
For those that haven’t yet filed, do it as soon as possible, because waiting makes consequences worse, according to Intuit Turbo Tax.