Saturday, May 21News That Matters

Tag: Amending

Broke? Need an extension? Amending a return? No matter your situation, you need to file your taxes

Constantine Johnny | Moment | Getty ImagesThe IRS may be extending the deadline to file your annual taxes for 2020 to May 17, but there's no time like now to get started on them — no matter your circumstances.Perhaps you owe money that you don't currently have. Maybe your life has been turned upside down and doing your taxes is the last thing you want to do. But don't even think about not filing a tax return."It's a terrible idea," said Nayo Carter-Gray, founder of 1st Step Accounting, of not filing. "It's one of the worst things you can do."Lisa Greene-Lewis, a tax expert at TurboTax, concurs."It is definitely a bad idea," she said. "File the return even if you can't pay what you owe."Let's start with the penalties. If you don't file your return, you'll be assessed a penalty of 5% of the ...