Taxpayers who owe tax and file their federal income tax return more than 60 days after the deadline will usually face a higher late-filing penalty. That window is closing soon.
“The 60-day window closes on June 14,” said Michael Devine with the IRS. “If you owe more tax and you didn’t file your return and you did not request an extension, the penalties increase because you’re late in filing. The minimum is going to be $210, depending on how much you owe.”
It’s also important to note that if you didn’t file for an extension, it’s too late to do that.
“Now it’s just a case of reducing the penalties and the interest on what you owe,” said Devine. “If you are going to get a refund, there are no penalties, but you can’t get a refund until you file your return. For people who figured out their taxes, know that they owe and then said, well, I don’t have the money so I just won’t file, that’s the worst thing you could do.”
If you know you owe taxes, contact the IRS today. There are lots of ways to learn how they can help.
“You’re going to start getting letters in the mail that are going to tell you what you can do,” said Devine. “Or, just give us a call at our toll-free number (800) 829-1040 and say, I haven’t filed my taxes, this is what my situation is, what do I need to do? Our folks are going to help you every way they can.”
After a return is filed, the IRS will figure the penalty and interest due and bill the taxpayer. Normally, the taxpayer will then have 21 days to pay any amount due.