Thanks tnovak1847 for asking this question.
It is good idea to keep track all through the year regarding your tax related events and documents. If you are an employee, you know that you need a W-2, if you're self-employed, you need all the income and expense details regarding your business. If you took any distributions from your retirement plan, you need Form 1099-R. If you have investments, you should be getting a Form 1099-INT, 1099-DIV, and/or 1099-B, and so on.
You may also want to look at your prior year return and see if you have all the documents based on the last year return plus think what was different for this year that might require you to have additional tax documents.
Keep yourself updated with information by googling and/or asking tax professionals.
If you are in a refund situation, there is no fee for filing late. As long as you file within 3 years, you can get your refund. If you file later then you may not get the refund. On the other hand, if you're in a balance due situation, and you don't file an extension, then there is late filing penalty. Also the extension only gives you additional time for filing but not for paying. Any balance due needs to be paid by tax deadline of April 15, otherwise, there are late payment penalty and interest on the late payment.
Hope this helps. Please let us know if you have any additional questions. Enjoy your day!!
See https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return
Regardless of whether you filed for an extension in a timely manner, you still needed to pay any tax due on or before the original filing date for the return.
Thanks tnovak1847 for asking this question.
It is good idea to keep track all through the year regarding your tax related events and documents. If you are an employee, you know that you need a W-2, if you're self-employed, you need all the income and expense details regarding your business. If you took any distributions from your retirement plan, you need Form 1099-R. If you have investments, you should be getting a Form 1099-INT, 1099-DIV, and/or 1099-B, and so on.
You may also want to look at your prior year return and see if you have all the documents based on the last year return plus think what was different for this year that might require you to have additional tax documents.
Keep yourself updated with information by googling and/or asking tax professionals.
If you are in a refund situation, there is no fee for filing late. As long as you file within 3 years, you can get your refund. If you file later then you may not get the refund. On the other hand, if you're in a balance due situation, and you don't file an extension, then there is late filing penalty. Also the extension only gives you additional time for filing but not for paying. Any balance due needs to be paid by tax deadline of April 15, otherwise, there are late payment penalty and interest on the late payment.
Hope this helps. Please let us know if you have any additional questions. Enjoy your day!!