Login To Your Account


Financial Freedom Community

This site is a resource for Financial Education, Debt Solutions and Tools to assist with Credit Management. All the resources on this site are free of charge. We encourage visitor feedback, Tell us what you want to see more of! Sign up for news & updates and we'll keep you posted on the latest!


Consumer Personal Loans
Credit Card Debt
Advantages of Making Credit Card Debt Payments on Time and Other Tips
Avoiding Credit Card Traps
Credit Card Counseling – Learn Credit Management Tips
Credit Card Debt and Simple Ways to Consolidate Them
Credit Card Debt Consolidation Nationwide Epidemic
Credit Card Debt Consolidation Solutions
Credit Card Debt Help for Senior Citizens
Credit Card Debt Reduction
Credit Card Debt Solutions That Can Help
How to Pay Your Way Out of Credit Card Debt
Paying Off Your Holiday Credit Card Debt
Prevent Identity Theft With a Credit Freeze
Saving Money on Your Credit Card Bills
Terminate Credit Card Debt Without Consolidation
Tips on Credit Cards, Part 1
Credit Collection Laws
Credit Repair Organizations Act
Fair And Accurate Credit Transaction Act
Fair Credit Billing
Fair Debt Collection Practices – Know Your Law
Statute of Limitations
The Fair Credit Reporting Act
The Fair Debt Collections Practices Act
The Truth In Lending Act
Credit Counseling
Can Consumer Credit Counseling Help Avoid Foreclosure
Credit Card Counseling
Credit Counseling a Must for Bankruptcy
Credit Counseling Benefits
Credit Counseling Can Reduce Your Debt
Difference Between Credit Counseling and Debt Settlement
Free Credit Counseling to Help Manage Your Debt
Using Credit and Debt Counseling to Manage Your Finances
What Can Credit Counseling Offer You?
What is Credit Counseling
What to Ask a Credit Counselor?
Credit Education
Consumer's Rights
Establishing New Credit
Finance Charges
Credit Reports and Scores
Credit Repair After Bankruptcy
Do you Know the Benefits of Checking your Credit Report?
Debt Consolidation
4 Valuable Tips on Debt Consolidation
Become Debt Free With Financial Advice
Benefits of Debt Consolidation
Bill Consolidation Loans
Bill Consolidation Advice to Help With Debt
Credit Consolidation: Is It Worth Taking?
Debt consolidation and Ways to Avoid Scams
Debt Consolidation Explained - What Happens if You Don't Pay?
Debt Consolidation Loans
Debt Consolidation Loans for Payday Loan Debt
Debt Consolidation Non-Profit
Debt Consolidation Now Will Improve Your Credit Score Later
Debt Consolidation Provides Relief from Financial Stress
Debt Consolidation Services Helps to Clear Debts
Debt Consolidation – Find Relief To Your Financial Stress
Debt Management Program
Debt Management Program Will Ease Debt Burden
Do You Need Debt Consolidation?
Get a Debt Consolidation Loan to Manage Bad Debts
Government Debt Consolidation Loans
Government Debt Consolidation Loans for Student Loans
How to Consolidate – Debt Help – Consolidate Your Debt Payments
How to Consolidate Bills Effectively When Left in Debt
How to Consolidate Debt
Let the government help you consolidate your debts
The Advantages of Credit Consolidation
Understanding Debt Consolidation Loans
Debt Settlement
Elderly Can Benefit from Debt Settlement
Financial Tools & Calculators
Bill Reminder Tool
Bill Reminder User Guide
Car Loan Calculator
College Savings Calculator
Credit Card Payoff Calculator
Mortgage Loan Payment Calculator
Retirement Calculator
Savings Calculator
Loan Modification Guide – Do It Yourself
Frequently Asked Questions
Step 1: Prepare yourself
Step 2 Gather the necessary documents
Step 3 Know what to expect
Step 4 Contact your lender
Step 5 Review your loan-modification plan
Step 6 Finalize the approval and begin making payments
Home Buying
Build or Buy a Home
Choosing a Real Estate Agent
Home Equity Interest Rate Charges
Home Equity Line of Credit
Home Equity Loan Fees
Managing Your Mortgage
Mortgage Basics
Mortgage Debt Elimination, 3 Things You Must Know
Real Estate Laws
Renting vs Owning
Interesting Money Articles
12 Amazing Facts about Credit Card Debt
12 More Interesting Facts About Money – Part 2
24 Amazing Pictures of Money
Introduction To Budgeting
7 Steps to Successful Budgeting
All You Need to Know About Budget Basics
Basics of Personal Budgeting
Budgeting – How Much?
Debt Management and Prevention Using a Budget
How to Pay Off Debt – Start Budgeting
Maintaining and Budget Planning
Manage Your Debt by Learning How to Budget
The Basics of Budgeting
Transcript – The Basics Of Budgeting
The Importance of a Household Budget
Managing Debt
Debt Relief The Issue of Forgiveness
Get Out of Debt by Changing Your Financial Habits
Personal Finance Management to Reduce Debt
Start Early Teaching Kids Money Management and Savings
Saving Money
Banking & Credit
How 'Charge Offs' Effect You
Insurance & Housing
Money Management Means Setting Goals
Save Money When going to work
Transportation Savings
Utilities and Savings
What Debt Should You Pay First?
Young Couple Finances
Student Loan Debt
Student Loan Default Penalties
Consolidate Student Loans
Student Loans and the Credit Squeeze
Types Of Debts
Auto Loan Prepayment Penalties
Balance Transfers
Credit Card Minimum Payments
Gambling Debt Problem Gambling and Bankruptcy Connection
Holiday Credit Card Debt
Ideas To Save
Inherited Debts?
Six Easily Avoidable Causes of Debt
Ways to Pay Off Holiday Debts
Video Library
Personal Finance Video library
Tax Tips Video library

Free Consultation

McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams

Latest Headlines

Latest Infographics

Most Popular Articles

Transcript – The Importance of filing your Tax Return or Tax Extension on Time


Article | Transcript | Info Graphic

Scott:               Thank you for joining us today. I’m Scott Tinel with DCC Financial Freedom Community. Today, I’m here with Thomas Abblett, CPA from Boca Raton, Florida. Hi Tom.

Thomas:          Hi Scott.

Scott:               Thank you for joining us today. I really appreciate it.

Thomas:          No problem.

Scott:               Excellent. What happens for people that file their tax returns late?

Thomas:          It all depends if they owe or if they’re getting a refund. If they’re getting a refund, there’s really no downside to it, except for the fact that you didn’t get your money as soon as you should have is the thing. If somebody owes money and they file late … First, you have the option of filing for an extension of time to file, but not to pay your taxes.

If you can’t get the return prepared by April 15th for some reason, then you file for an extension request. It’s an automatic extension for six months. It’ll allow you to file anywhere up until October 15th. However, it’s not an extension of time to pay. If you do owe money, you do need to pay that with the extension request by April 15th.

If you don’t request an extension and you file late, then you have late filing penalties and they can be excessive. They can be anywhere up to 5% of the outstanding balance per month up to a maximum of 25%. Therefore, do not file late. File that extension if you need to and then pay the money in by April 15th. If you can’t do that, in one of our other segments we discussed about getting installment agreements and things like that. Watch our other segments to get that advice is the thing.

Filing late isn’t as bad as you might think. The other thing that people do ask me is well, if I file late or after April 15th, am I more subject to being audited on my return? In the statistics that the IRS has put out for prior years, there is virtually no difference between people that get audited if they filed prior to April 15th or after April 15th. Don’t keep that in mind or think I’m going to beat the audit if I file early or if I’m more likely to get audited if I file late.

Just make sure you file on time. If you can’t, file an extension and then file on time by October 15th.

Scott:               Excellent, good advice.

Thomas:          Thank you.

Scott:               One final question. You mentioned if someone was getting money back, but if they filed late, does the IRS still assess a late fee that they take out of the refund or they just wash their hands of it?

Thomas:          There’s no penalty. The penalties are only assessed on balances due, so if you are due money back, there is no penalty for filing late. It’s not necessarily advisable because they do keep records of people that file late is the thing. In the future if you happen to file late by mistake, they’re less likely then to possibly waive that penalty down the road if you need it at that time. Again, file on time or file the extension.

Scott:               Excellent, very good. Well, that’s our time for today. Once again, I’m Scott Tinel with DCC Financial Freedom Community, here with Thomas A. Abblett, CPA from Boca Raton, Florida. Thank you for joining us. Have a great day.

Thomas:          Thank you.

McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams