What are the penalties for filing my Individual tax return late?

Modified on Sat, 08 Apr 2023 at 01:36 PM

  • The IRS imposes late filing, as well as late payment penalties, so it is in your best interest to make sure you file either your return or an extension by the due date of your tax return April 18th 2023.
  • If you cannot afford to pay all of what you owe now, you should file your return or extension and pay what you can and then pay whatever balance you have as soon as you can to minimize any penalties and additional charges you might incur.
  • If your return is more than 60 days late, the minimum penalty is $330 (adjusted for inflation) or the balance of the tax due on your return, whichever is smaller. The late filing penalty is charged if your tax return is filed after the due date (including extensions). The penalty is 0.5% of the amount due for each month or part of a month your return is late, with a maximum penalty of 25%.  If you have a reasonable explanation for filing late, you may not owe the penalty. Attach a detailed explanation of your reason for filing late to your tax return when you file.  

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