Getting a refund on your taxes? No fine for filing late - 13 WTHR Indianapolis

Getting a refund on your taxes? You won't be fined for filing late

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Everyone's least favorite day of the year is fast approaching.

Taxes are due Tuesday, but there's good news for some procrastinators. If you will receive a refund then you will not be penalized for filing late.

This has always been the case, according to CNNMoney, but few people know about it. The IRS is, of course, more eager to collect money than to find the people it owes money to.

Still, waiting past the April 15 deadline may be a gamble. If it turns out that you actually do owe money, you will be fined both for failing to file on time and failing to pay on time. One of those penalties will continue to grow - 5 percent for each month after the deadline that you are late.

If you are owed a refund that you've never collected, you lose the right to claim that refund after three years. Apparently, Americans have left some real money on the table. The IRS said that taxpayers left $760 million in unclaimed tax refunds just in 2011. That means that after tomorrow, those refunds can no longer be claimed.

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