What Are My Options?Īre There Different Penalties for Failure-to-File and Failure-to-Pay?
Can I File for an Extension of Time to Pay My Tax Bill?. 
How Are Late Income Tax Penalties Calculated?. 
Do I Get Penalized for Filing Taxes Late If I Owe Nothing?. Is There a Penalty for Filing Taxes One Day Late?. Can I File for a Tax Extension to Avoid Late Penalties?. Failure-to-File Tax Return Statute of Limitations. What’s Worse: Filing Late or Making Late Payments?. Are There Different Penalties for Failure-to-File and Failure-to-Pay?. Read on to learn about the serious penalty for not filing taxes or paying on time and discover the ways you can avoid racking up large late fees. Don’t let this complexity be the reason you avoid filing your taxes. The process of filing your tax returns can be complex, rife with confusing forms and a variety of dates to keep track of. Tax season comes around quickly, and procrastinators can find themselves in dire straits when that filing deadline arrives. It applies to any taxes that are unpaid as of the filing deadline for the year, which always falls in mid-April for the 2019 tax year, the deadline date is April 15, 2020. The penalty for filing taxes late is charged as much as 5% for each month (or partial month) that your tax return is late. How Much is the Penalty for Filing Taxes Late? By never filing taxes at all, you might be convicted of tax evasion-which could amount to five years in prison and $250,000 in fines. Worse than that, though, you could face consequences more serious than monetary concerns. Two penalties may apply: failure-to-file and failure-to-pay. However, what happens if you file taxes late-or not at all-is very different for those with an outstanding tax liability. According to IRS.gov, there is no penalty assessed on taxpayers who are due a return but do not file on time. The penalty for not filing taxes depends on whether you owe taxes to the IRS. What is the Penalty for Not Filing Taxes at All?
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