Late Tax Filing

If you owe taxes and do not file a tax return or extension on time, you will incur penalties. Those penalties vary according to your circumstances.

If you filed your return or extension on time, but didn't pay the taxes you owe by the tax deadline, you will be charged with a late payment penalty. The current penalty is equal to 0.5% of the taxes you owe for each month you fail to pay your taxes after the tax day deadline. The maximum fee is 25%.

If you owe taxes and filed your return or extension late, you will be charged with a late filing penalty. You will be charged 5% of the taxes you owe for each month you fail to file past tax day. The maximum fee is 25%. If you do not file within 60 days of the tax deadline, you will owe a fee of either $205 or 100% of your unpaid taxes, whichever is less.

Even if you owe taxes and haven't filed yet, DJ's is here to help you. In most cases, the failure-to-file penalty is greater than the failure-to-pay penalty, and DJ's will help you to decide which applies to you. If necessary, we will help you to apply for an easy payment plan with the IRS to resolve your tax debt.

If you don't owe money to the IRS, there is no need to worry about the deadline or late fees. However, you should still file as soon as you can so the IRS doesn’t keep your money.

You risk losing your refund if you don't file your return. If you are due a refund, you must file your return to claim it within 3 years of the return due date. The same rule applies to a right to claim tax credits such as the Earned Income Credit (EIC).

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