You’re Late! What to Do if You Haven’t Filed Your Taxes

Tax day has come and gone, and there are still some people who haven’t filed their returns or extensions. There is one important thing to know if you haven’t filed your taxes yet – file them as soon as possible, EVEN IF YOU CAN’T PAY ALL THE TAX YOU OWE. The IRS can apply two different penalties for late filers/payers. The first is a failure-to-file penalty for not … [Read more...]

Late Tax Filing and Late Tax Payment Penalties

Get the facts about late tax filing and late tax payment penalties from the IRS. Here are seven important points about penalties for filing or paying your taxes late: If you requested an extension to file your individual income tax return and paid at least 90 percent of the taxes you owe with your request, you may not face a late payment penalty. However, you must … [Read more...]