Even though this year there a few extra days past the traditional April 15 deadline to file income taxes, many people still will wait until after the deadline to file and need to understand the consequences of filing late, said a Texas A&M AgriLife Extension Service family economics expert.
“According to the IRS, the penalty for filing late is 5 percent of the amount of any additional taxes owed for every month — or portion of the month — the return is late, up to a maximum of 25 percent,” said Joyce Cavanagh, AgriLife Extension specialist in family economics, College Station. “Taxes filed more than 60 days after the due date have a minimum penalty of $135 or 100 percent of the unpaid tax, whichever is smaller.”
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