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Posted on May 11, 2020

Borshoff Consulting, LLC

Filing Taxes Late: Penalties and Missing Tax Deadlines

Worried about filing taxes late? We will walk you through each situation you may have and look at what options you may have. Don’t know what penalties you may owe the IRS?

Failure to pay: 0.5% up to 25%
Failure to file: 5% up to 25%

So, as you can see, you are much better off filing than not. The penalty is ten times worse for those who fail to file their tax return at all. However, it’s important to note that if you miss the filing deadlines, your federal tax payment is still due on July 15th. (Normally April 15th but an extension was given in 2020 due to COVID-19).

We will also go over the options you have if you cannot pay on time. Being on time is important to the IRS, so communicate with them if you are not going to be paying or filing your taxes on time.
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