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The IRS allows taxpayers a filing extension until October 15, ... At the same time, there is no IRS penalty for filing late if you expect to receive a tax refund. In fact, no extension is required ...
5 IRS Penalties for 2024 1. Failure to File a Tax Return. Not filing a tax return is an expensive mistake. The late filing penalty is 5% of your unpaid taxes for each month your return is late, up ...
The IRS states an extension to file is not an extension to pay. In Iowa, if there is an underpayment discovered during an audit or examination, another 5% penalty will be added to the unpaid tax ...
What is the deadline to file an extension? The IRS says the deadline to file for an extension is April 15. That gives taxpayers until Oct. 15 to file without penalties. ... the standard penalty is ...
Penalties for filing taxes late are deliberately set high enough to encourage taxpayers to file in a timely manner. On top of that, the IRS can impose additional penalties and interest to any ...
It’s important to note that this is an extension to file, not an extension to pay any taxes owed. You should estimate and pay any owed taxes by April 18 to avoid possible penalties.