8 Facts about IRS Penalties

Tax DayMany taxpayers file by the tax day deadline of April 15th.  For those who didn’t file and/or pay by the deadline, then you need to understand which penalties and interest may apply to you.  First, if you’re due a refund there’s no penalty if you file a late tax return. However, if you owe taxes and you fail to file and pay on time, you’ll usually owe interest and penalties on the taxes you pay late. Here are eight facts that you should know about these penalties. [Read more…]