How to Avoid Paying a Penalty If You Missed the Tax Filing Deadline

You may enhance your chances of relief by making the demand after paying your tax balance. If you choose to put the request in writing, you may likewise call the IRS by mail– however it might take up to 30 days to get a reaction.

If you missed out on last months tax filing due date, even with the extension, you may be feeling nervous about getting struck with late-filing penalties by the IRS. The company might want to give you a break, however, according to a recent press release.

Generally, late tax filers owe a failure-to-file penalty– 5% of your unsettled tax balance monthly. If you submit more than 60 days after the tax filing due date, your charge ends up being the lower of $435 or 100% of your overdue tax balance. If you submitted on time however couldn’t pay for to pay your taxes, the penalty is much smaller, at.5% of your unsettled balance each month.

Here’s the bright side: If you have a history of filing and paying your taxes on time, the IRS might want to waive some penalties through its novice charge abatement. The company might also provide charge relief for a sensible cause– that includes things like natural catastrophes, no access to your records or a member of the family’s death or health problem.

To receive the first-time charge abatement, you’ll need to meet the following requirements: three years of on-time filing and tax payments; a current tax filing or filing extension; and that you have paid– or have actually set up to pay– any cash you owe. It will also waive the interest accumulating on your penalty if the IRS approves your request for relief.

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Written by NEWS.COM.SE

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