If the file name contains two extensions, try to rename the file to the. It may also be possible that this file types are used for some kind of financial, tax preparation, business, calendar, schedule, accounting data. To be perfectly clear, a tax extension gives you more time to file your return, but not to pay your taxes.įile even if you don't have the money The final point I'd like to emphasize is that you should always file your return on time, or request an extension, even if you don't have the money to pay. The 2016 file extension can be used for various data file types related to year 2016, perhaps a backup or annual export. To qualify for a tax extension, you must file the appropriate form by the standard tax filing deadline of Ap(or April 19, 2016, if you live in Maine or Massachusetts). In the previous example of a $1,000 balance that's a year late, you would owe $30 in interest and $60 in penalties, unless you get it waived. Unlike interest, the late payment penalty can be waived if you can show good cause for not paying on time. The late payment penalty is assessed in addition to interest and is 0.5% of any unpaid tax for each month or partial month it remains unpaid, up to a maximum of 25%. So, if you owe $1,000 and pay a year after the deadline, you'll owe $30 in interest.
The IRS's interest rate can vary, and is 3% for underpayments as of the first quarter of 2016. is pending or where a fnal determination by the Internal Revenue Service. You will owe interest on any tax not paid by the normal due date, even if you have a legitimate reason for not paying on time - such as being out of the country or some other hardship.
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