WHAT HAPPENS WHEN YOU DON’T FILE YOUR TAXES ON TIME

Written by on March 23, 2019

WHAT HAPPENS WHEN YOU DON’T FILE YOUR TAXES ON TIME

Dealing with taxes is one of those ‘adulting’ responsibilities you really shouldn’t ignore. They’re due April 15th, and it’s really not a good idea to file them late. In fact, filing late is actually worse than paying your taxes late. If you file late, you’ll be slapped with a failure-to-file penalty– you’ll be charged five percent of your unpaid taxes for every month your return is late, up to 25 percent of the balance. Also, if you file more than 60 days beyond the original due date you must pay a minimum fine of $205 or 100 percent of your unpaid taxes, whichever is smaller. You should also be motivated to file them on time as owing back taxes can cause trouble if you’re trying to buy a house, and you could always end up serving time for failure to pay, potentially one year for every year you failed to file. In other words, just get your taxes done so you avoid any issues.
(Huffington Post)


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