haven’t paid what you owe<\/a>.<\/p>\n\n\n\nPenalties for Filing Late<\/h2>\n\n\n\n
If you miss the deadline to file your taxes altogether, you could face steeper a steeper penalty.<\/p>\n\n\n\n
The IRS imposes a late filing fee of 5% of the amount you owe for any amount that remains unpaid after the filing date. This penalty is charged as a percentage of each month or part of a month that your return is late. The most you will pay is 25% of the amount you owe.<\/p>\n\n\n\n
This type of penalty starts accruing on April 15th, unless you are granted an extension. If you file an extension, you will have until October 15th. At that time, this late filing penalty will go into effect.<\/p>\n\n\n\n
This penalty will continue to accrue until you file your return. If you find yourself in this situation, it’s important to file your return as soon as possible. If you wait more than 60 days after the due date to file, the penalty gets even worse.<\/p>\n\n\n\n
If 60 days pass and you haven’t filed your return, you will face a penalty of at least $435 or 100% of the amount you owe, whichever is less.<\/p>\n\n\n\n
It’s important to note that if you don’t owe taxes and are instead owed a refund, you won’t incur a penalty for filing late. After all, the IRS owes you at that point. It’s better to file by the deadline, or as soon as possible, so you can get back the money you overpaid.<\/p>\n\n\n\n
What if You Don’t File or Pay?<\/h2>\n\n\n\n
If you don’t file or pay your taxes by October 15th, or five months after the filing deadline, the failure to file penalty will max out.<\/p>\n\n\n\n
However, you will continue to face the failure to pay penalty until you pay your taxes. The maximum penalty still remains capped at 25% of what you owe.<\/p>\n\n\n