![]() ![]() Total possible late payment penalty = $2,000 x 25% = $500.The maximum you can be charged in late payment penalties is 25% of the unpaid tax.įor example, if your tax balance is $2,000:.Late payment penalties are calculated at 0.5% of the unpaid tax balance per month.Penalties and interest are based on how much you owe and for how long. That means that if you don’t pay your tax balance by the filing deadline, you'll get hit with penalty and interest.Įven if you can’t pay it all immediately, pay as much as you can. ![]() However, it doesn't buy you more time to pay any taxes you may owe. The standard tax extension allows you to file your tax return after the usual deadline. Call the IRS customer service number to determine if your request for an extension was received and approved.
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