02/26/2025
IRS Penalties โ ๏ธ
Don't delay, or you might pay! โฐ๐ฐ
The IRS imposes penalties for failing to file your tax return on time ๐
and for not paying the taxes you owe ๐ธ.
๐๐ฎ๐๐ฒ ๐๐ถ๐น๐ถ๐ป๐ด: 5% of the unpaid taxes for each month late, up to 25%. If more than 60 days late, the minimum penalty is $435 or 100% of the unpaid tax, whichever is less.
๐๐ฎ๐๐ฒ ๐ฃ๐ฎ๐๐บ๐ฒ๐ป๐: 0.5% of the unpaid taxes for each month late, up to 25%.
Both penalties can apply at once! ๐ฑ
File on time and pay on time to avoid these penalties.