The deadline to file your taxes was yesterday.
But what happens if you forgot?
File your taxes
If you file your taxes late, you’ll likely face a penalty. The IRS will send a notice by mail if you’ve been charged. The letter should explain the charge and the action you need to take. Read more about it here.
The Failure to File penalty is based on how late your tax return is submitted. The penalty is 5% of the unpaid taxes for each month that the return is late. The penalty won’t exceed 25% of your unpaid taxes, and will only reach that point after five months.
There is a $435 or 100% of the tax return penalty if the return is more than 60 days late.
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