Fort Myers, FL asked in Tax Law for Florida

Q: What's the penalty for not filing taxes on time?

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1 Lawyer Answer
Eric Steven Day
Eric Steven Day
  • Tax Law Lawyer
  • Henderson, NV

A: The failure to file penalty with the IRS is 5% of the unpaid taxes for each month or part of the month that the return is late up to a maximum of 25%. If you don’t owe the IRS anything, then there is no penalty for filing late, but if you wait too long you may not be able to get a refund. If you owe money, that is when the penalty applies. Many taxpayers will not file because they don’t have the funds to pay their liability, however, the failure to pay is only .05% of the liability per month or part of the month so it will cost you less to just file and pay when you can.

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