What happens if i file my tax return late?

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13th Nov 2009 by Mark P. Cussen, CFP, CMFC

If you file your return late and you are due for a refund, then there is no real consequence for tardiness. But if you owe a balance, then penalty and interest will accrue each month on the amount you owe until it is paid in full. And the failure to file penalty is five percent a month of the unpaid balance, whereas the failure to pay penalty is only a half-percent of the unpaid balance. Therefore it is wise to file, even if you cannot pay the balance owed, because your penalties will accrue much more slowly.

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10th Nov 2009 In Tax 1 Answers | 565 Views
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