How to file late tax
It is very important to file your tax on time and it is obvious to expect some type of punishment for not doing this on time. Some people forget about doing this even though it is one of the most essential things. Some are unaware of the penalty so they ignore the last date of paying because they think the IRS will not show up at the door. You should try to file as fast as possible and pay as much as you can before it is too late. If you did not do this by the tax deadline, you probably fit into one of three groups.
• You will receive a penalty for being late if you pay all the money but you are left with some amount.
• If you have trouble paying due to some problem such as you had to invest in something and that was expensive such as medicines or surgery, take the advantage of the form 1127 to get extra time to pay the money you owe once you get your money back.
• If you do pay the full amount after the date you are supposed to you will get a penalty of half percent or one percent of the money you are supposed to pay for every month that you do not pay the money. The highest penalty a person has to pay ranges from 20% to 25% of the tax money. The half percent increases to one percent 0.5% increases to 1% if the tax remains unpaid more than 10 days than the IRS asked for payment.
If you have …show more content…
The IRS typically levies the penalty for filing late tax at highest four to five months. Nevertheless, if those five months passes by, the half percent or one percent of the money you were supposed to pay rises to up to 25 percent. Until you clear all the tax and pay everything beforehand you have to pay extra 25%. Therefore, you total amount for being late and filing late tax can be equal or more than
It is very important to file your tax on time and it is obvious to expect some type of punishment for not doing this on time. Some people forget about doing this even though it is one of the most essential things. Some are unaware of the penalty so they ignore the last date of paying because they think the IRS will not show up at the door. You should try to file as fast as possible and pay as much as you can before it is too late. If you did not do this by the tax deadline, you probably fit into one of three groups.
• You will receive a penalty for being late if you pay all the money but you are left with some amount.
• If you have trouble paying due to some problem such as you had to invest in something and that was expensive such as medicines or surgery, take the advantage of the form 1127 to get extra time to pay the money you owe once you get your money back.
• If you do pay the full amount after the date you are supposed to you will get a penalty of half percent or one percent of the money you are supposed to pay for every month that you do not pay the money. The highest penalty a person has to pay ranges from 20% to 25% of the tax money. The half percent increases to one percent 0.5% increases to 1% if the tax remains unpaid more than 10 days than the IRS asked for payment.
If you have …show more content…
The IRS typically levies the penalty for filing late tax at highest four to five months. Nevertheless, if those five months passes by, the half percent or one percent of the money you were supposed to pay rises to up to 25 percent. Until you clear all the tax and pay everything beforehand you have to pay extra 25%. Therefore, you total amount for being late and filing late tax can be equal or more than