In my last post on Late filing of 2010 Income tax return we looked at the case of people who don't owe any money to IRS. Infact they expect some sort of refund..

Like I mentioned, in such case, the filing of tax returns is very straight forward. It is business as usual.

In this post, we'll look at cases of people who owe to the money to IRS and are also late in filing tax returns.

If you owe money to IRS and are late filing your 2009 2010 income tax returns, then there will be some additional expenses that IRS will try to recover in following ways-

1. There will be a penalty for late filing. The penalty can be few hundred dollars.

2. Interest rate on the money you owe. This depends on the amount of time by which that person is late in filing returns.

So, as you can see, there is definitely a big financial disadvantage in filing late returns. But still even if a person is late, s/he should not delay any further since the interest charges otherwise will keep on increasing.

So, incase you are late in filing, still go ahead and file as soon as possible your 2010 Income Tax returns.

So you are late in filing 2009 income tax returns. Is it worrying you?

I am sure it is since missing the deadline means being hit with Interest charges on top of your regular tax dues. And the interest rate adds up substantially.

But, there are some common misconceptions that people carry when it comes to filing tax returns late. Let us look at multiple scenarios -

1. You are filing 2009 tax returns late and you are looking for refund from IRS -  

If this is the case, then don't worry much. You can file tax return at any point of time and you don't have to worry about any interest charges. The only thing you should be feeling bad about is the amount of interest you could have collected if you would have filed the 2009 returns on time and would have then deposited the refund in the bank.

But other than that, there is nothing to worry about. The IRS will give you the complete refund, without imposing any penalties and interest rate.

So, for you its not late. You can still go ahead and file 2009 income tax return online

The 2010 online tax return refunds are just the best rewards for the hardwork and stress you have incurred in beating the tax filing deadline. Of course, this is something that you’ll definitely look forward to, right?To keep you in the loop, online tax return refunds for 2010 are actually your ‘loose change’ from paying your taxes. You have probably calculated the tax that you owe the federal government in the last tax filing year. If your computation ascertains that you have paid more than what you own, the Internal Revenue Service will give you back the excess amount.Waiting for your tax refunds is not a task. For one, it would likely come within 15 days after you have filed. In some cases, it takes longer. If you have filed your income tax return for 2010 through tax software that supports tax refunds like Turbo Tax, you could expect to receive your money within 15 working days.The Internal Revenue Service has designed a system where you could check your tax refund. Just go to their website and look for the Where’s my Refund button and fill inn the details required. The IRS will probably provide you the status of your tax refund.Although it might be a good idea to receive tax refunds every filing year, it is best that you recalculate the amount of tax you are paying. The continuous paying of more than what you owe may provide you with inconveniences. It’s like waiting for the money that you were not supposed to spend after all. Take the time to be responsible enough to know just how much you really owe as taxes. This way, you would no longer need to wait for your 2010 online tax refunds.

Now that you have successfully beaten that annual April 15 deadline, it is the time for getting your kind of ‘reward’. Time to check the online tax refunds for 2010!

Tax refunds are the ‘change’ that you get from the tax returns that you have paid. However small they may be, it is still part of your hard-earned money. That is why it is important that you know when they are coming.

Your 2010 tax refunds can very well be checked through the Internet. The oly thing you need to to is log onto the official website of the Internal Revenue Service or IRS. At the home page, you will see a ‘Where’s My Refund’ button at the right hand side. Click on it and you will be directed to the spes you need to take.

When checking your 2010 online tax return refunds, you need to prepare the following data:

  -your social security number

-the exact amount of your tax refund

-your filing status

Once you have these information, click on the link of ‘Where’s My Refund?’. You will again be directed to a different page where you would key in the required information mentioned above. Remember, to do these things when you are in a secured place. Doing this in public is not very advisable.

If you have used Turbo Tax in filing your online tax return for 2010, then you can very well expect to receive your refunds within 15-17 days. This is part of the support that the product gives. Should you have used a different online tax return software, better double check if they have the same support on tax refunds. Doing so will let you have an idea when to expect your 2010 online tax returns.