What Happens If You Don't File Your Taxes on Time?

Tax Day is coming in less than a week, and if you haven't filed your 2023 taxes yet, you may face costly penalties

Taxpayers who file their tax returns electronically have until midnight on Tax Day to file. Paper returns must be postmarked by April 15 to not be marked as late.this filing season, the agency will still notice if you fail to file your returns on time, so here's what may happen if you don't file or pay your taxes on time.What happens if you don’t file a tax return?

If you fail to file your taxes by April 15 and do not request an extension, the IRS may assess a failure-to-file penalty on the amount of any unpaid taxes. is 5% of the unpaid taxes for each month your return is late, with a maximum of 25% of the total balance due.of 0.5% per month. Similarly to the failure-to-file penalty, the failure-to-pay penalty is capped at 25% of the total balance due.

If both penalties are imposed on your late return, the IRS will reduce one by .5%. For example: Instead of a 5% failure-to-file penalty, you would be charged a 4.5% failure-to-file penalty and a 0.5% failure-to-pay penalty.If your tax return is more than 60 days late, the minimum penalty for missing the deadline is currently $485 or the entire amount of tax owed, whichever is less.indicating some of your assets may be seized to cover the amount due.

Direct File is a new filing tool by the IRS that allows taxpayers of any income to file their taxes for free.According to recent IRS statistics?" tool. You must have your SSN or ITIN number, filing status and exact refund amount on your return to use this tool.

Taxes Tax Day Penalties Failure-To-File Failure-To-Pay IRS

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What Happens If You Don't File or Pay Your Taxes on Time?Tax Day is approaching and failing to file or pay your taxes on time may result in costly penalties. The IRS may assess a failure-to-file penalty of 5% of the unpaid taxes for each month your return is late, with a maximum of 25% of the total balance due. Similarly, the failure-to-pay penalty is capped at 25% of the total balance due with a monthly rate of 0.5%.
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