If you haven’t filed your 2023 tax return with the IRS yet and you still owe income tax for last year, the good news is you still have time to rectify those situations before you’re penalized for failing to do so.
Most filers have until 11:59 pm tonight.
Failing to file on time when you still owe taxes will subject you to a failure to file a penalty, which is based on how late your return is and the amount of your unpaid tax. Specifically, it will be 5% of your unpaid taxes for each month — or part of a month — that your return is late. The IRS notes, however, that this penalty will not exceed 25% of your unpaid taxes.
If you don’t pay what you owe by your tax-filing deadline you will also be hit with a failure to pay penalty That amounts to 0.5% of your outstanding balance every month or part of a month it goes unpaid. It, too, will not exceed 25% of the total.
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