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So I think we're all talking about different scenarios. Late filing or not filing or late paying or not paying - either an extension by the deadline or a return by the deadline - or neither one ever.
What my initial question was about, which has been answered - was for people who are 100% certain that they either owe zero or are due a refund. I know that I must file a return but it isn't because I owe anything. What is even more complicated is that - IF I do not file a return, I *WILL* owe quite a bit because of tax credits I received in advance. So I suppose my question wasn't specific enough. I don't owe taxes, assuming that I file a return but if I don't file a return I will owe taxes.
I did not file for an extension because I don't owe taxes and expect to get a refund. This was based on the pretty clear answer that we found to be the case - that if you don't owe taxes, there is no penalty for not filing an extension.
So I think we're all talking about different scenarios. Late filing or not filing or late paying or not paying - either an extension by the deadline or a return by the deadline - or neither one ever.
What my initial question was about, which has been answered - was for people who are 100% certain that they either owe zero or are due a refund. I know that I must file a return but it isn't because I owe anything. What is even more complicated is that - IF I do not file a return, I *WILL* owe quite a bit because of tax credits I received in advance. So I suppose my question wasn't specific enough. I don't owe taxes, assuming that I file a return but if I don't file a return I will owe taxes.
I did not file for an extension because I don't owe taxes and expect to get a refund. This was based on the pretty clear answer that we found to be the case - that if you don't owe taxes, there is no penalty for not filing an extension.
The penalty is you won't get any refund. If you wait 3 years there will not be a refund.
Right. And I just found some additional information on the IRS website. I suppose it doesn't matter now anyway since the option to file an extension is over and gone. I will most definitely be filing my taxes in the near future to reconcile the credits. I also wouldn't be eligible for the credits this year or in future years if I didn't ever file for 2021, so there's that penalty as well.
We are part-owners in a real estate syndicate. We've not received any money yet from this venture, but the CFO/partner is asking we all file for extensions. The CPA unexpectedly died earlier this year and then there was some transitional issues between old and new staff. Just a lot of chaos that needs more time.
When I had a little pet sitting business I also always filed, on time, even though I didn't owe taxes.
I think if you can, you should, get the extension.
I agree. Although it's past April 18, I'd still say file the extension. Better safe than sorry. Do not make assumptions with the IRS. Cover your butt. CYA. It's worth the effort.
Filing an IRS extension with no taxes owed, takes less time than writing an internet post.
LOL, no kidding. Or even with taxes owed and by mail. I mailed my extension on 4/18 and included a check. The IRS already cashed the check, it cleared my bank today on 4/22.
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