TODAY is the last day to take action before Americans face hundreds of dollars in additional penalties.
This is true for everybody who failed to file a tax return or request a six-month extension by the April 18 deadline.
Before today’s deadline, Americans must file their tax returns.
If you’ve been smacked with a “failure-to-file penalty,” you may have already received notification in the mail.
What does it mean to be penalised for failing to file?
This is generally 5%, but for each month your return is late, it might increase to 25% of your unpaid taxes.
However, a harsher penalty could be imposed in a matter of days.
You must pay a minimum fine of $435 or 100% of the tax owed, whichever is smaller.
To avoid the penalty, the IRS says filers must submit their tax returns by Tuesday, June 14.
That means you only have a few hours until you have to make a decision.
As a result, it is advising Americans who need to file to do so electronically rather than by mail.
Simply simply, the sooner you file your tax return, the lower your tax bill will be.
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Monthly payments of up to $1,000 are available in five cities.
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The IRS stated, “Once the taxpayer files, the late-filing penalty will stop accruing.”
“In addition, as soon as the tax is paid, the separate late payment penalty and interest will cease to accrue.” None of these costs must be calculated by the taxpayer. Instead, the IRS will send them a charge for any outstanding balance.”
However, if you satisfy the criteria, you may be eligible for an IRS payment plan.
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Those who owe the IRS $50,000 in taxes or less can apply for a payment plan, according to the IRS.
If your debt is less than $100,000, you may be eligible for a 180-day payment plan.
Furthermore, those who are considered “struggling” financially by the IRS may be allowed to settle their tax obligation for less than the full amount owed.
Using the IRS’s offer in compromise tool, you may discover if you qualify.
This is true for anyone who missed the April 18 deadline for filing a tax return or requesting a six-month extension.
Americans must file their tax returns by today’s deadline.
In five cities, monthly payments of up to $1,000 are offered.
“Once the taxpayer files, the late-filing penalty will cease to accrue,” the IRS explained.
You may have already received notification in the mail if you’ve been hit with a “failure-to-file penalty.”
