Why You Shouldn't Wait To File Your Tax Return

The main reason you shouldn't wait is that after the original due date has passed, it becomes a guessing game on how much tax you owe. The game comes with a penalty if you haven't paid in all the tax you owe by April 15 of .5% of the unpaid amount per month up to 25%. There is also interest of 4% on an annual basis. These are only the federal penalties and interest. Georgia interest on unpaid tax is 7% on an annual basis. If you have been paying quarterly estimated taxes, then you should continue for 2017 without the benefit of knowing the safe estimate based on 2016 tax. The bad guys can have more time to get a fake refund using your social security number if you haven't filed your return. Finally don't you just feel better getting it done?