Tax guide

How much is the penalty for paying my taxes after the deadline?

If you have filed your taxes but not paid your taxes due, the failure-to-pay penalty is 0.5% (yes, that’s half a percent) per month on your unpaid taxes, and it can build up to as much as 25% of your unpaid taxes.

If you also haven’t filed your tax return, you’ll simply pay the 5% failure-to-file penalty—the penalties do not stack up.

Requesting an extension of time to file by the due date and paying at least 90% of the tax you owe may exempt you from the failure-to-pay penalty. You will have to pay the remaining balance when you file your return by the extension due date, and interest will apply on the balance.

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