Don’t waste money on penalties!

Updated: Dec 3, 2021




Don’t waste money on penalties!


Penalties apply when you owe taxes or did not file a tax return or extension. Keep in mind that the penalties for not filing a tax return or tax extension are higher than not paying taxes owed.


The late filing penalty is 5% of the additional taxes owed amount for every month your return is late. A maximum penalty is 25%.


If you file more than 60 days after the DUE DATE, the minimum penalty is $205 or 100% of your unpaid tax, whichever is less.


Here is IRS Penalty Calculator where you can check how much you will be owe: https://www.irscalculators.com/irs-penalty-calculator


File even you can not pay, filing on time and pay as much as you can. In this case you will keep your interest and penalties to a minimum.


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