Tax Tip: Late filing penalty

Did you know that the penalty for filing late is usually 5 percent of the unpaid taxes for each month or part of a month that a return is late. This penalty will not exceed 25 percent of your unpaid taxes.   Filing an extension by the due date (this year April 18th) avoids this late filing penalty.   Remember though, the extension to file is not an extension to pay.

No need to pay that penalty if you can avoid it by filing an extension for free.

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