12 Mar Filing Your 2024 Taxes Late
TAX DUE DATE –
If you file a Form 1040 Individual Income Tax Return, the due date for any taxes that you owe for 2024 is April 15, 2025. Even if you get an extension to October 15, 2025, the taxes are still due on April 15, 2025. An extension only extends the date for filing your tax return.
THE KILLER PENALTY—
If you file your tax return late and owe taxes, the IRS assesses a
failure to file penalty of 5% a month for each month the return is not filed, up to five months, resulting in a penalty of 25%. For example, if you owe $1,000, you could have a failure to file penalty of $250. Always file on time, even if you cannot pay.
IRS INTEREST –
Did you know that the IRS charges interest on money owed? The current
interest rate is 7%.
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