Lateness: Will the IRS behave like Citibank?

I emailed my CPA yesterday morning, since he didn’t drop off my taxes the night before as promised. He never replied. I checked my mail around 7pm last night, still no taxes and no answer to my email. Figured he was just filing for an extension again…until I saw the big fat envelope in my pigeonhole this morning. Crap.

In the past, I’ve mailed my taxes 1-3 days after the official deadline and never got penalized. When I’ve paid a credit card late, I just called and asked them to waive the fee (maybe had to do that once every two years) – no problem. However, the credit card companies have gone all hardass about their fees these days, and I’m wondering if, with the government’s spending rampage, they’ll jump at the opportunity to hit me with the $100+ penalty for being 24 hours late.

At least my actual federal tax obligation is a 3-digit number. Self-employment has its drawbacks, but being able to deduct just about everything helps make up for the extra hassles and expenses (translation: health insurance and double social security).

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3 Responses

  1. Hopefully you won’t get penalized!

  2. The penalty is only for failure to pay on time, and you can get a 120day extension just by asking, and they’ll waive any penalty (I think it’s 1% per month). Hopefully you were making quarterly payments to cover the majority of your taxes, otherwise you’ll be penalized for not withholding enough, even if you filed mid-January.

    Get a new CPA too, or do it yourself. TurboTax does Sched C stuff pretty nicely.

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