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67. Don’t Waste Money on Penalties!

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:

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

Call us at (800) 913-0809 or send an SMS at (224) 676-3577 if you have any questions.

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