Filed a Tax Extension but Still Owe Taxes? Penalties, Interest & What to Do Next
Filing a tax extension can give you additional time to complete and submit your federal income tax return, but there is one important rule many taxpayers misunderstand: an extension to file is generally not an extension to pay. If you filed an extension but still owe taxes, waiting until the extended filing deadline to address […]
Late Payment vs. Late Filing: Two IRS Penalties Every Taxpayer Confuses
Many taxpayers assume that filing taxes late and paying taxes late are the same thing but the IRS treats them very differently. Confusing these two penalties can result in unnecessary interest, fines, and compliance issues. Understanding the difference between late payment and late filing penalties is essential to avoiding costly IRS mistakes. What Is the […]