Tax 2020: if you are late filing your tax return, you can pay more
Late taxpayers must file their tax returns as soon as possible, otherwise the amount of fines and interest due will rise, warns the US Internal Revenue Service (IRS). Fines and interest apply to taxes due after July 15, recalls Fox Business.
This year, the deadline for paying taxes has been extended from April 15 to July 15. The IRS is now warning some late taxpayers to file their tax returns now or face a larger bill in the future.
The tax agency recalled that fines and interest will apply to taxes payable after July 15. And even if an individual cannot pay the full amount of their taxes, they should still file a tax return as soon as possible to reduce penalties.
Fines and interest begin to accrue immediately. This is a penalty of 5% of the unpaid taxes each month, up to a maximum of 25%. The penalty for late payment of taxes is 0,5% of the amount you owe monthly, but no more than 25%. If both penalties are due in the same month, the penalty for failure to pay the penalty is reduced to 0,5%.
The fastest way to pay is electronically, and taxpayers will receive immediate confirmation.
People who are entitled to a tax refund do not have to pay any fines, but they will not receive their money until they file a return.
The IRS also noted that there are taxpayers eligible for additional time to file and pay without penalties and interest, including military personnel who served or are in the war zone, support personnel in war zones and some victims of natural disasters. disasters.
People who have a history of filing and paying taxes on time are often eligible for a penalty waiver, the IRS said.
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