Avoiding the Failure to File Penalty

Missing the tax return deadline results in a failure to file a penalty, typically 5% of monthly unpaid taxes. If you file more than 60 days late, the minimum penalty is $435 or 100% of the unpaid tax, whichever is less. Filing on time is crucial to avoid hefty penalties. If you can't file by the deadline, request an extension for an additional six months and aim to pay as much of your estimated taxes by April 15. #TaxTips #TaxDeadlines #AvoidPenalties #FileOnTime #TaxExtension