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Category: Federal

Will I owe any penalties or fees?

The deadline for most people to file their individual tax return and pay any tax owed is April 15th.   If you do not file your return or pay the tax amount on time, you may owe penalties and interest.

 

If you owe tax and don’t file on time, the total failure to file penalty is usually 5% of the tax owed for each month, or part of a month that your return is late, up to 5 months. If your return is over 60 days late, the minimum penalty for late filing is the lesser of $135 or 100% of the tax owed.

 

It is important to pay all amounts due on time to avoid any penalties and interest charges.  

 

Interest is compounded daily and you will generally have to pay a late payment penalty of one-half of one percent for each month, or part of a month, up to a maximum of 25% on the amount of tax that remains unpaid from the due date of the return until the tax is paid in full.

 

*Generally, interest charges are not removed until your bill has been paid in full.

 

More information about penalty and interest charges is contained in Part One, Chapter 1, Filing Information, of Publication 17, Your Federal Income Tax for Individuals.

 

 

Source:  IRS Publication 17