Taxpayers should file their tax return on time to avoid costly interest and penalty fees

Author: External Author | | Categories: Accountants , Financial Reporting , Small Business Accounting

Taxpayers should file their tax return by the deadline even if they cannot pay their full tax bill. Taxpayers who owe tax and don't file on time, may be charged a failure-to-file penalty. This penalty is usually five percent of the tax owed for each month, or part of a month that the tax return is late, up to 25%.

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Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  March 17, 2022

Link to Original Article:  https://www.irs.gov/newsroom/taxpayers-should-file-their-tax-return-on-time-to-avoid-costly-interest-and-penalty-fees



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