TRACK YOUR REFUND:

 

 

Fed refund schedule

 

Standard Mileage rates

Business
2011: Jan – Jun 51 cents/mile
2011: Jul – Dec 55.5 cents/mile
2012: 55.5 cents/mile

 

Charity:
2011 & 2012: 14 cents/mile

 

Medical/Moving:
2011: 19 cents/mile 2012:
23 cents/mile

 

 

 

[individual taxes]

Due dates, extensions + penalties

Filing:
Individual tax returns are due on April 15th, but they can be extended until October 15th.

Paying:
Taxes must be paid in full by April 15th. Any balance due as of April 15th is subject to penalties and interest, even if the return has been extended.

Penalties:
FILING LATE: The penalty for filing after April 15th (or after October 15th if the return was extended) is the worst. It is 5% of the balance due per month, not to exceed 25%.
PAYING LATE: The penalty for paying after April 15th is .5% (one half percent) of the balance due per month. This penalty doubles to 1% if you don’t pay in full within 10 days of receiving an IRS notice.

Interest:
Interest rates vary with the economy. In the last few years they have been in the range of 3-5 %.