How to Avoid Paying a Penalty If You Filed Your Taxes Late ...Middle East

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If you miss this week’s tax filing deadline, you might be feeling anxious about getting hit with late-filing penalties by the IRS. However, if you don’t have a recent history of filing your taxes late, it’s possible to apply for something called a first-time penalty abatement, which will waive some of your penalties. Here’s a look at how you can apply.How the IRS’ late fees workFirst, if you are expecting a refund, there’s no penalty for filing late; however, if you owe taxes and miss the April 15 deadline without requesting an extension, you should file quickly to limit penalties and interest.Typically, late tax filers owe a failure-to-file penalty—5% of your unpaid tax balance per month (t

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Last updated : 15 April 2024 clock 07:36 PM

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How to Avoid Paying a Penalty If You Filed Your Taxes Late ...Middle East

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