Is there a penalty on my taxes when I file my individual income tax return by the due date?
750 views |
Last modified 3/10/2023 2:47:42 AM EST
Generally, there is no penalty if you file your individual income tax return by the due date, as long as you have paid any taxes you owe by the same deadline. However, if you owe taxes and do not pay them by the due date, you may be subject to penalties and interest on the unpaid amount.
The penalty is usually 0.5% of your tax for each month or part of a month that the tax remains unpaid. The penalty cannot exceed 25% of the amount due.
It's important to note that if you are owed a refund, there is no penalty for filing your return late, but you must file your return in order to claim your refund from the IRS.