One thing we don’t want is penalties and another is being late filing our taxes, and that’s in either case getting a refund or owing the irs. Late filing penalty comes from doing your taxes after the last tax day. The last tax day normally is April 15th depending on the day of the week it lands on. This penalty will also accrue if you didn’t file an extension which gives you another 6 months to file your taxes. Here are some useful information and a few things you should know about filing late taxes.
You need to use form 4868 to request an extension for your taxes.(very easy and simple)
This penalty alone will cost you 5 percent of the unpaid taxes every month you didn’t file your taxes and they are late ( it adds up just file 4868)
YOU WOULDN’T BELIEVE but this fee starts the following day that your taxes are due, and you didn’t file. The IRS is on there ish and wants there money asap.
The penalty will never be more that 25 percent of the taxes you didnt pay.
There is a late filing penalty and late payment penalty and the filing penalty is much higher
-so if you cant pay dont let that be a reason you dont file.