Ashlea Ebeling
speaker
2,002 appearances
38 recordings
1 series
first heard Jul 2022
last heard Feb 2025
Ashlea Ebeling’s voice in public audio — every appearance, attributed to the second.
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Appearances
And I'd recommend you save it as a PDF so you have the record of it.
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The interest kicks on the amount you owe immediately from day one after the due date if you haven't paid.
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If you're late, you owe the balance due plus interest, and it's a staggering 8%, and it compounds daily.
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Well, beyond just having the time to get your records in order and making sure you're bulletproofing your tax return, taxpayers with self-employment income, for example, they can file an extension request and get extra time to make contributions to their retirement accounts.
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So far as it helping you in accuracy, you have that extra time to make sure you've reported all your income and that you've taken the appropriate deductions and credits.
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And that's important to help avoid hearing from the IRS that something's amiss.
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Then you're out of luck.
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October 15th is the drop dead deadline.
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At that point, the penalties start really kicking in.
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There's no penalty for failing to file if you do a refund, but you can't get the refund until you file.
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Taxpayers have three years to do so before they would just lose out on the money.
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In the IRS, every year they put out these numbers, and they said for this year you have until May 17th to claim 2020 refunds, and they're estimating that their taxpayers do nearly a billion dollars in unclaimed tax refunds for 2020.
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So then they're looking at failure to file penalties as well as failure to pay penalties.
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The failure to file penalty is the worst.
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That's like really stiff.
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It adds up quickly.
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It's basically 5% of the unpaid taxes for each month or partial month capped at 25%.
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The failure to pay penalty also maxes out at 25%, but kicks in much more gradually.
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So the failure to file penalty, imagine you have a $10,000 tax bill, then it could be a $2,500 penalty.
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Just four months and one day have gone by without filing.
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Showing 881–900 of 2,002 · page 45 of 101
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