April 15 not much of a deadline for most taxpayers

Penalties for filing late federal tax returns apply

Penalties for filing late federal tax returns apply only to people who owe money. (April 15, 2014 12:51 PM)

The calendar shows April 15, and you haven't even started on your federal tax return? Don't fret. If you're due a refund, April 15 isn't much of a deadline at all.

The Internal Revenue Service doesn't like to talk about it, but penalties for filing late federal tax returns apply only to people who owe money. The penalty is a percentage of what you owe. If you owe nothing, 5 percent of nothing...

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