Monday, April 18, was the deadline for the 2022 US tax filing. Here’s the penalty if you’re late.
Missing the tax deadline does not automatically make someone liable for a penalty because the Internal Revenue System (IRS) gives individuals the option to file for an extension.
However, people become liable for a penalty in extreme cases.
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How much is the late filing tax penalty?
In the event that an individual owes a fine, the IRS sends them a notice or letter notifying them that they are responsible for Failure to raise the penalty.
The other kind one might have to pay is not paying a fine.
Calculation of “Penalty for Failure to File”
The IRS calculates this based on how late a person is in filing a tax return and the amount of unpaid tax on the original payment due date, not the extension due date.
According to the IRS: “Unpaid tax is the total tax to be shown on the return minus amounts paid through withholding, estimated tax payments, and allowable refundable credits.”
“Failed to file” 5% penalty of unpaid taxes per month or the portion of the month in which the tax return is late. In general, the penalty does not exceed 25% of unpaid taxes.
here More details about the same.
“Failure to pay the fine” account
The Not paying the fine 0.5% of your unpaid taxes for each month and, as in the case of the previous one, will not exceed 25% of your unpaid taxes.
More details can be found here.
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How to apply for an extension
The IRS allows taxpayers to file for an extension, but please note that an extension of the time to file your return does not give you any extension to pay taxes.
The IRS website contains a file free file To electronically request an automatic tax filing extension.
- Filling out an extension form gives you until October 15 to file your return.
- To get the extension, an individual must estimate their tax liability and must also pay any amount owed.
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