Late-filing penalties can mount up at a rate of 5% of the amount due with your return for each month that you’re late. If you’re more than 60 days late, the minimum penalty is $100 or 100% of the tax due with the return, whichever is less. Filing for the extension wipes out the penalty.

Will I be penalized for not filing taxes if I don’t owe?

Failure-to-pay penalty: If you don’t pay the taxes you owe by the deadline, the IRS can penalize you 0.5% of the unpaid balance every month, up to a total of 25%. Interest: On top of the failure-to-pay penalty, interest accrues on your unpaid taxes.

When is the deadline to file taxes for 2018?

2018 taxes are due on April 15 and, though everyone’s tax situation is different, you could face real consequences if you don’t submit your return by the deadline. Here’s what you need to know.

What’s the penalty for not filing your taxes by the deadline?

If you don’t file your return within the first 60 days following the tax deadline (or extension deadline), the minimum penalty is $205, or 100% of your total tax debt —whichever is less. Otherwise, the failure-to-file penalty will continue to grow up to the maximum amount, and you will still have to pay your original taxes.

What happens if you miss the filing deadline?

If you miss the filing deadline, and fail to file an extension, prepare to pay a hefty penalty for late taxes. The failure to file penalty applies to any tax that is unpaid as of the filing date.

What happens if you file a late tax return?

There is no penalty for filing a late return after the tax deadline if the taxpayer receives a refund. Penalties and interest only accrue on unfiled returns if taxes are not paid by April 18. Anyone who did not file and owes tax should file a return as soon as they can and pay as much as possible to reduce penalties and interest.