It's almost tax day! Remember to file an extension by April 15th and make a payment if needed. The IRS imposes penalties for both late filings and late payments, which can significantly increase the amount owed. Specifically, late filings incur a penalty of 5% of unpaid taxes monthly (up to 25%), while late payments are penalized at 0.5% per month, also up to 25%. However, even if you anticipate a delay in payment, filing on time or requesting an extension can mitigate some penalties. Understanding these potential costs and strategizing accordingly is key to minimizing financial impact and ensuring peace of mind.
Did you know that April 15th is actually two tax deadlines- Filing and Payment? Discover the impact of late filings and payments and how to mitigate penalties and interest charges. Watch now to stay financially savvy. #TaxDeadline #FinanceEducation Contact us today! https://lnkd.in/e-_i5k3g
Important advice 👆! At a minimum file an extension.
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