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IRS: Don’t get hit with $435 penalty, one day remains to pay taxes

Penalties are given to Americans by the IRS for paying their taxes late, and there is just one day remaining to avoid a major one.

IRS paperwork for penalties like the failure to pay penalty

Anyone that hasn’t filed a tax return and did not request an extension is at risk of receiving this penalty.

You may have already received the failure to pay penalty in the mail.

Failure to pay penalty and the IRS explained

The penalty starts out at 5% but can go as high as 25%.

These percentages are of your unpaid taxes for every month you file late.

In just one day that fine will be a minimum of $435 or 100% of the taxes you owe, whichever is less.

Your tax return needs to be received by the IRS by Tuesday, June 14, 2022 to avoid this major penalty.

This means if you still owe, you need to do it electronically today.

The sooner you file, the less you’ll owe.

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Once filed, that amount stops accruing.

What also stops accruing is interest you’d owe on top of the penalty.

You don’t need to do the math to figure out what you owe, the IRS will bill you.

If you need a payment plan, you can sign up for one through the IRS.

Anyone owing under $50,000 can apply.

If your balance is under $100,000, you could possibly get a shorter plan with 180 days to pay the balance.

If you’re struggling to pay, you could find out if you’re eligible for the offer in compromise.

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