![]() ![]() Taking this step can reduce any interest or penalties on your tax account, including not only the failure-to-file penalty but also the IRS failure-to-pay penalty. If you think you’ll miss the extended tax deadline, you should pay as much as possible as soon as you can. If You Owe, Pay as Much as You Can To Reduce PenaltiesĪlthough there’s no penalty for submitting your taxes late when you’re expecting a refund, the IRS may assess penalties if you owe taxes. You may be responsible for penalties plus interest. ![]() But if you expect you may owe penalties for filing your tax return late, you should consider speaking with a tax professional before filing. It’s important to know that if you expect a tax refund and have yet to file your tax return, the IRS won’t charge you a penalty for late filing. But the most the agency may charge you is $2,500. The IRS will charge you $500 for every month you don’t file your taxes. However, the maximum amount the IRS can charge you is capped at 25% of any taxes owed. The penalty is based on your unpaid taxes, and the IRS charges 5% of your taxes due for every month or partial month your tax return is not filed. Generally, if you miss the filing due date or fail to file by the tax extension deadline, the IRS may charge a failure-to-file penalty. ![]() ![]() On Cash App Taxes' Website What Is the Penalty for Missing a Tax Deadline? ![]()
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