Educational Tax Tip: Know the Cost of Filing Your Taxes Late

Do you know how much the IRS can charge you for filing your taxes late? If you miss the deadline and owe taxes, the failure-to-file penalty is typically 5% of your unpaid balance per month, up to a maximum of 25%. And if your return is over 60 days late, you could face a minimum penalty of $510 or 100% of the tax owed—whichever is less. This is on top of interest and other penalties for not paying. Even if you can’t pay in full, filing on time can help you avoid extra costs.

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