Thursday, April 23, 2020

FILING YOUR TAX RETURN LATE AND WILL YOU PAY PENALTIES AND INTEREST?

Answer
If you owe tax, you usually will. However, you won’t pay a late taxes penalty or interest if you’re:

Receiving a refund
Outside the country while serving in the military
Living in a federally declared disaster area
If you have a balance due, the IRS can assess both of these:

Late-filing penalty — 5% of the balance due per month up to 25%
Late-payment penalty — 0.05% (or part of a month), up to 25% of the tax due
The IRS charges interest on unpaid tax from the return’s due date until the date of payment.



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