Updated: Nov 17, 2022
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 $435 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.
Contacts us to set up an appointment if you have any questions:
United States Tax Services: Tax Preparation, Payroll, Accounting, Tax Planning firstname.lastname@example.org
Call us at (800) 913-0809 or send an SMS at (224) 676-3577 if you have any questions.