what are the tax penalties for filing late
What is the penalty for filing a tax return late (if taxes are owed)? The penalty for filing a tax return late is generally five percent of the total tax owed per month (known as the failure to file tax penalty). The penalty is capped after 5 months (25%). Additionally, there is a minimum penalty of the lesser of 100% of the tax owed or $135 ($100 if the return was required to be filed before December 31) if the return is over 60 days late. No. Taxpayers who owe no additional taxes and/or are due a refund will not be charged a penalty for filing their return late.
Penalties for late filing and failing to file a return. Civil Penalties. 1  10% of the tax due for the first month, plus 1% for each additional month or part of a month, not to exceed 30% of the tax due; 2  $100, or 100% of the amount required to be shown as tax on the return, whichever is less; or.  $50.