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Even if you missed the April 15 deadline to file your federal income taxes, there are ways to get back on track.
If the taxpayer doesn’t file until July 17, which is more than 60 days late, his failure-to-file penalty will be $435 — $435 being the lesser of that minimum or 100% of the tax owed.
Penalties for filing taxes late are deliberately set high enough to encourage taxpayers to file in a timely manner. On top of that, the IRS can impose additional penalties and interest to any ...
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Penalty for Failure to Timely File Return: If a taxpayer is required to file an income or excise tax return and fails to timely do so, a late filing penalty may be assessed. The penalty is 5% of the amount of unpaid tax per month (or partial month) the return is late, up to a maximum of 25%. [ 6 ]
The failure-to-file penalty is 5% of the tax owed each month your return is late, up to a maximum of 25%. If you file but do not pay, you will be charged just a 0.5% penalty on what you owe each ...
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related to: file taxes late penalty calculator irs form 1099turbotax.intuit.com has been visited by 1M+ users in the past month