From extensions to penalties, here’s what you need to know about filing late.
According to the Internal Revenue Service,"The Failure to File Penalty applies if you don't file your tax return by the due date. The penalty you must pay is a percentage of the taxes you didn't pay on time."
The amount you may have to pay is calculated by how late you file your tax return, and the amount of unpaid tax as of the original payment due date. Interest can also be changed on a penalty.If your return is over 60 days late, the minimum Failure to File Penalty is $435 or 100% of the tax required to be shown on the return, whichever is less.But, if you file your taxes late, you may get your refund late.
Short-term payment plan – The payment period is 120 days or less and the total amount owed is less than $100,000 in combined tax, penalties and interest. Long-term payment plan – The payment period is longer than 120 days, paid in monthly payments, and the amount owed is less than $50,000 in combined tax, penalties and interest.According to the IRS, an extension is simply a six-month extension to your taxes. You still must pay your taxes on time to avoid any penalties or interest.According to the IRS, one out of 10 refunds is issued in less than 21 days.
As of the week ending April 1, the IRS has sent out more than 63 million refunds worth over $204 billion.The Illinois Department of Revenue said"in addition to free filing of Form IL-1040 through
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