If you haven’t filed your 2017 taxes yet, you have one more day to do so before you’re hit with a failure-to-file fee.
This fee is different than the penalty for paying any taxes you owe late, which is 0.5 percent of the amount owed each month you haven’t paid, plus interest. The failure-to-file fee is “usually five percent for each month or part of a month that a tax return is late.” And once you reach 60 days after the due date, which was April 18, without filing, the minimum fee is $210 or 100 percent of the tax amount owed, whichever is less.
To avoid paying that, you need to file your taxes or request an extension by June 14. You’ll still owe taxes and whatever late-to-pay penalties you accrue, but you don’t need to worry about the additional penalty.
“You can avoid some penalties by at least filing your return,” DeDe Jones, managing director of Innovative Financial in Lakewood, Colorado, told CNBC. “And then if you need to, you can request a payment plan.”
This fee doesn’t apply if you haven’t filed but you’re owed money or if you filed a six-month extension. And one more thing: If you haven’t filed yet, consider setting up calendar reminders so you don’t waste more of your money in future years.
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Article source: “https://twocents.lifehacker.com/submit-your-tax-return-by-june-14-to-avoid-paying-the-f-1826798859”