Tax deadline looms: Top tips for late filers
The tax deadline for 2019 is approaching, and if you haven’t filed yet, now’s the time to think about getting your paperwork in order. Filing past the April 15 deadline, without an extension, could lead to penalties.
The failure-to-file penalty is typically 5 percent of the amount of taxes owed for each month, up to a maximum of 25 percent. When a return is filed more than 60 days after the deadline, it is subject to a minimum late filing penalty that is the lesser of either 100 percent of the tax required to be shown on the return that was not paid on time, or a specific dollar amount that has been adjusted for inflation ($210 for returns due between Jan. 1, 2018, and Dec. 31, 2019).
If you fail to pay your taxes by April 15, the penalty is 0.5 percent of the taxes not paid. The penalty is weighed each month after the due date until the bill is paid or the levy reaches 25 percent of unpaid taxes.
In order to avoid paying a penalty to the IRS this year, here’s what you need to know as the deadline draws near: