The maximum late-payment penalty is 25% of taxes owed. You may be able to avoid or reduce penalties if you can prove a "reasonable cause" for not paying on time. The IRS offers payment plans that can reduce your late-payment penalties. MORE LIKE THISTax preparation basicsTax preparation ...
If you owe taxes and you didn't file, or filed late, the IRS may apply a penalty known as the late-filing penalty or the failure-to-file penalty. The penalty is usually 5% of the tax owed for each month or part of a month the return is late, up to 25% of your bill [1]. ...
The IRS has restrictive guidelines for determining who needs to file, which means even if you don't owe, you may still have to submit a tax return.
7 Clever Ways to Track Your Money Goals You’ve set ambitious money goals. Here’s how to ensure you meet them. Maryalene LaPonsieSept. 27, 2024 How to Calculate Your Net Worth Knowing your net worth can give you insight into your overall financial health. ...
» MORE: What happens if you don't pay your taxes Step 4: Circle Oct. 15 on your calendar If you get an extension, Oct. 15, 2024, is the last day you can file your return and pay your outstanding balance. If you miss this deadline,...