April 15 not much of a deadline for most taxpayers

April 15 not much of a deadline for most taxpayers

Posted:

WASHINGTON (AP/WATE) - The calendar shows April 15, and you haven't even started on your federal tax return? Don't fret. If you're due a refund, April 15 isn't much of a deadline at all.

The Internal Revenue Service doesn't like to talk about it, but penalties for filing late federal tax returns apply only to people who owe money. The penalty is a percentage of what you owe. If you owe nothing, 5 percent of nothing is ...nothing.

But it doesn't make much sense for anyone to file late. If you are owed a refund, why wouldn't you want it as soon as possible? And if you have unpaid taxes, the late fees add up quickly.

The IRS says about three-fourths of filers get refunds.

There are additional ways to save money this Tax Day. Businesses are marking Tuesday with freebies and deals:

  • Arby's is giving away snack-sized orders of curly fries. Just print a coupon from their website.
  • Hard Rock Cafe will give you a free dinner, but only if you perform a song on stage.
  • Great American Cookie Company is offering one free chocolate chip cookie per person all day long.
  • Sonic will give you half-off all drinks and slushes.
  • You can fill up your cup of yogurt at Orange Leaf for $4.15.
  • You can find additional deals here.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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