The IRS penalizes taxpayers for both filing late and paying late. We VERIFY how you can avoid or reduce late penalties and interest.
A couple of VERIFY readers texted us to ask what would happen to people who didn’t complete their taxes by the filing deadline.Yes, if you owe the IRS money, you are subject to a penalty if you don’t file or pay your taxes on time. You’re only exempt from paying on time without a penalty if the IRS owes you a refund.
When the IRS penalizes you for both failure to file and failure to pay, the combined penalty is 5% of your unpaid taxes monthly. This penalty adds up each month until it caps out at 47.5%, according to that will give you a new filing deadline of Oct. 15, the IRS says. You will only be granted an extension if you submit your request by the regular due date of your return, unless you live in a
Penalties and interest are based on how much you owe and for how long, so you should pay as much as you can when you file for your extension, TurboTax says there is an exception if you’re traveling outside of the country. If you’re outside of the country on tax deadline day, you can request a two-month extension that allows you to avoid the failure to pay penalty during that time, although interest will still accrue on your balance.
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