This one is for all the late filers out there! You know who you are.
- Late Filing Penalties: 4.5% of the total tax due will be added to your total each month that you remain un-filed past the deadline, for up to 5 months.
- Late Payment Penalties: .5% of the total tax due will be assessed each month your payment is late, plus an additional interest charge of .54% per month.
Reporting false or fraudulent information to the IRS will also incur penalties as well, so be sure all information is correct!
This all sounds daunting, so here’s some more good news! The penalties may not be charged if you can show reasonable cause for your late filing or late payment. So when you do send either, be sure to attach an explanation, and it may save you big bucks in penalties!
You know what they say, better late than never! And that certainly applies here. The sooner you get caught up with the IRS, the better.
E-file today. Schedule or Mail your payment today. And you’ll be much happier for it tomorrow!
Let our Support Heroes lend you a helping hand! Call them at 704.234.6005. You can also chat online or get 24/7 email support at support@expresstrucktax.com. They’re based in sunny Rock Hill, SC, and can assist in English, Spanish, and Russian!