Tag Archive for: irs penalties

Can’t Pay Or File Your Taxes By April 15? Here’s What Happens If You Missed Monday’s Deadline

Failing to file on time when you still owe taxes will subject you to a failure-to-file penalty, which is based on how late your return is and the amount of your unpaid tax . You will also be hit with a failure-to-pay penalty. The good news is you still have time to rectify those situations before you’re penalized.

What If I Can’t Pay My Taxes? Five Ways To Manage Your Bill.

You have options for dealing with a tax bill you can’t pay. To minimize penalties and interest, you’ll need to take action before taxes are due. Pretending the problem doesn’t exist is far more expensive than dealing with it.

Don’t Forget to Pay Your 2023 Estimated Taxes. Here’s When the Final Payment’s Due

The estimated-tax filing process can be complicated, but it can be simplified. Here's everything you need to know to calculate your taxes and file on time.
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IRS Says Average Tax Refund Is 11% Smaller Than Last Year – Here’s Why

The Internal Revenue Service is reminding taxpayers to brace for a smaller refund this year. The average refund check so far this year is worth $2,933 – about 11% lower compared to the $3,305 average recorded last year.
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Secure 2.0 Act: Americans Will Be Able To Make Tax-Free Transfers Of 529 Plan Funds To Roth IRAs

Beginning in 2024, the Secure 2.0 Act will allow people to make tax- and penalty-free rollovers from 529 plans into a Roth IRA. To qualify for the transfer, the 529 plan must have been open for at least 15 years. CLICK ON THE HEADLINE FOR MORE
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So You Missed The Tax-Filing Deadline. Now What?

The official tax filing due date was Monday, April 18 or Monday, Oct. 17 for those who applied for an extension. If you did neither, the question now is: What are the repercussions for you and how can you minimize them? The answers depend on whether you're owed a refund or whether you still owe the IRS money for 2021. CLICK ON THE HEADLINE FOR MORE