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10 Dec

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What is the penalty for failing to pay my taxes?

December 10, 2014 | By | No Comments

taxDeadline

Any portion of the federal tax due and unpaid as of the payment due date and the return is filed after the filing date is subject to a late filing penalty.

The penalty is 5% for each month or part of a month that the tax return is late, up to a maximum penalty of 25%.

If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax.

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