Introduction
The tax filing deadline is approaching and it’s time to get your returns in on time. If you’re late paying your taxes, penalties can really add up. Here are some of the top penalties that may be assessed if you don’t file by the deadline:
Late filing taxes
Late filing taxes is not the same thing as paying taxes late.
In some cases, a taxpayer may be charged with a penalty for filing their returns late. For example, if you file your tax return after April 15th but before June 15th, then you will be charged an additional 1% interest on any additional amount owed (up to $5). This means that if you owe $10 and were due to pay this month’s installment but filed your return on May 20th instead, then you would have to pay an extra $1 plus 1% interest on top of that because it was too late.
But there are also penalties associated with paying taxes too early! For example: If someone owes money next year but pays all this year’s installments by April 15th each year without fail—a common scenario when saving up until retirement—then they could end up being taxed twice over at different times during their life cycle: once when they first start working after college graduation/high school graduation/etcetera..and again later when they get older enough where Social Security payments start coming from Uncle Sam (or perhaps something else) instead
Penalties for late filing of tax returns
If you file your taxes late, the IRS may assess a penalty. The amount of the penalty varies depending on what type of tax return you filed and how late it was filed. For example, if you owe $1,000 in interest and penalties on April 15th and file your return by April 18th (and not later), then there would be no penalty assessed—but if that same taxpayer had been late filing their return by just one day (April 17th), then they would be charged an additional $200 for each month after April 15th when their return was not filed until May 20th.
Penalties are usually waived if there is a good reason for why someone did not file their taxes timely: maybe they had an illness or injury that prevented them from doing so; maybe they didn’t realize how much time would pass before receiving notification about whether or not any refund checks would be mailed out; maybe someone else died unexpectedly during those months between when most people prepare their returns through January 31st…and these are just some examples! To learn more about this topic at https://www2….
Late payment penalties (FICA)
FICA is a payroll tax, which means that it’s collected from both employees and employers. It’s split between the two parties in such a way that each pays half of their share of the cost of this federal program. The employer pays half, while the employee pays half; this makes sense because most people don’t have any control over how much they earn or how much they pay in taxes—the government does!
The amount you’re taxed on depends on your income level, but in general terms:
- The government will take 15% of your paycheck if you’re single with no children or dependent relatives who live with you (for example: parents or grandparents). This money could be used for retirement savings accounts or charitable donations—or anything else deemed appropriate by Congress at any given time during its many years meeting together behind closed doors at different times throughout history!
Statute of limitations on penalties
The statute of limitations is 3 years. It applies to all tax, penalty and interest that you owe the IRS. It does not apply to criminal charges or lawsuits for unpaid taxes.
The IRS can only collect what’s due under law; it cannot collect taxes that have been paid in full but not reported as required by law (if you filed late).
Penalties for failure to file
Filing late is not a criminal offense, and it’s not tax evasion. If you fail to file your income taxes on time, the IRS will send you a notice of deficiency that allows them to assess a penalty of up to 5 percent of the amount owed. Penalties can vary by state; in some cases they’re as low as $100 or less (some states even offer amnesty programs).
Takeaway:
- Late filing of tax returns
- Penalties for late filing of tax returns
- Late payment penalties (FICA)
- Statute of limitations on penalties
Conclusion
As you can see, there are many penalties for late filing of taxes. Some of them have a statute of limitations on them, which means that they must be paid within a certain period of time after the IRS discovers the delinquency. Others are payable only when they become due (called liquidated damages). In addition, there are criminal penalties for willful tax evasion or failure to file returns on time—which means if you intentionally attempt to evade paying your taxes by not filing, expect a visit from the IRS soon after.