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How to Avoid a Penalty for Filing Taxes Late The IRS allows taxpayers a filing extension until October 15, and all individual taxpayers can use Free File to request it. The alternative is to print ...
If you didn't file your taxes on time, filing late is better than never filing at all. Find out how to get an extension and avoid penalties. If you didn't file your taxes on time, filing late is ...
If both the failure to file and the failure to pay penalties apply during the same month, then the failure to file penalty is reduced by 0.5% each month. The 25% cap above applies to the 5% late filing penalty and the 0.5% late payment penalty together. The late filing penalty may be waived or abated on showing of reasonable cause for failure.
The annual deadline to file one's Federal individual income tax return is April 15. The IRS lists scenarios for which Tax Day does not follow this standard deadline - Taxpayers can file an extension where the taxes owed must be paid by April 15 but the completed tax return filed by October 15. [9]
Considering whether to file an extension for the 2010 tax year with Form 4868. An automatic extension until October 15 to file Form 1040 can be obtained by filing Form 4868. There is a penalty for not filing a tax return by April 15 that depends on whether the individual got a filing extension and the amount of unpaid taxes.
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 ...