If you missed filing your taxes last July 15, 2020, the fines you might incur will increase according to the IRS.
Here’s what you need to know:
– A minimum penalty will be charged of $435 or 100% of the unpaid tax bill, whichever is less.
– After Sept. 14 and no return has been filed, additional penalties, interest and fees will be assessed on taxes not paid by the July 15 due date.
However, no penalty will be charged on a late return if a refund is due.
What to do if you failed to file taxes?
It is important that you file your taxes before October 15, 2020. Electronic filing options are still available through IRS.gov or with the assistance of a reputable tax professional.
If you have fees and penalties that you cannot cover at the time of filing, the IRS has payment plans so you can pay your balance over time.
Do you need tax help?
Local Tax can help you file today and can save you from more penalties. Give us a brief message about your situation and we’ll give you options on how to address it.
Also, if you own a business, penalties might be different.
Were you able to file an extension for your returns?
