3/19/2024 0 Comments File for 2017 taxes turbotax![]() If you do file on time, but you can't pay what you owe in full by the due date, you'll be fined an additional 0.5% of the amount of the tax not paid on time for each month or part of a month you are late. The IRS assesses another penalty for a failure to pay your taxes owed. If you don't pay your balance, you may have to pay an additional 5% of the unpaid tax you were required to report for each month your tax return is late, up to five months. Stop late filing and payment penalties and interestįiling a tax return on time is key to avoid penalties, even if you can't pay the balance you owe. In these cases, filing a tax return could result in a tax refund that puts more money in your bank account. While many have federal income taxes withheld from their paychecks, sometimes too much money is withheld. One practical reason to file a back tax return is to see if the IRS owes you a tax refund. Why you should file back taxesįiling back tax returns you haven't completed could help you do one of the following: 1. Learn more about why one may choose to file back taxes and how to start this process. Should you file back taxes? It may not be too late to file a previous year's tax return to pay what you owe or claim your refund.
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