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| *The Commerce Journal>>>Other Taxes |
Filed taxes late without extension.... what happens? |
I somehow got it in my head that the deadline for taxes was April 17th. I filed them on the 16th and saw on turbotax that the due date was April 15th? What will happen? Oh, and I am not expecting a refund. I owe $601 dollars... what is going to happen? How much can i expect penalties to be? Since you owe, you will be hit with penalties for late filing (5% of the amount due per month or fraction thereof, mimimum of $100 & max of 25% of the amount due) plus penalties and interest for late payment (currently 1% per month). Therefore you should expect a bill from the IRS in a couple of weeks for $106.00 in penalties and interest. I got the penalty wrong. The $100 minimum is only if you're 60 days late. Figure about $36.00 total if it's less than 60 days late. TFTP. Report It The $601 is the problem. Being even 1 day late means you owe another $30.05 in penalty, plus interest. |
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