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It provides a date when payment is due, and warns if no payment is received, there could be additional penalties and interest. “Penalties can be as high as 50% or more of the tax you owe.
In 2024, if your tax return is not filed within 60 days of the due date, you’ll be charged a minimum late-filing fee of $510 or 100% of taxes owed, whichever is lower. 2. Failure to Pay
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] A minimum penalty of $435 may apply for returns over 60 days late. The minimum penalty is the lesser of $435 or 100% of the tax due on the return.
The IRS may send written notices regarding back taxes, and usually expects a response in 30–60 days. A penalty fee is issued if the taxes remain unpaid. [5] The minimum penalty fee is $135. Also, one has to pay interest on the unpaid taxes. The interest rate is usually determined by the federal short-term rate.
In guidance late Friday afternoon, the IRS said California's Middle Class Tax Refund and similar payments in other states would not be subject to federal taxes.
Just be sure to attach the federal form (Form 4868) with your state return before the April deadline. The filing deadline for most 2023 federal and state of Kentucky income tax returns is April 15 ...
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