owe state taxes payment plan
The interest rate for underpayment of taxes is currently 6 in May of 2019 but can change. Filing taxes may not be your favorite financial chore but it is a necessary one to stay in the good graces of the IRS.
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The failure to pay penalty starts at 05 of your balance due per month capped at 25 of the back taxes you owe.
. The IRS will charge a late filing penalty a late payment penalty and interest on any unpaid balance you owe if you dont file your return or an extension on time and if you also fail to pay on timeBut youll at least avoid the late-filing penalty if you file an extension by the April due date which is a hefty 5 of the taxes you owe for every month your return is late. The penalty for not filing taxes depends on whether you owe taxes to the IRS. According to IRSgov there is no penalty assessed on taxpayers who are due a return but do not file on time.
Why do I owe state taxes is a question you might have if filing your return has resulted in a tax bill rather than a refundThere are different reasons why you might owe state income taxes this year. Whether you owe back taxes or current taxes you may be hit with significant penalties and interest accruals over time if you dont pay. However what happens if you file taxes lateor not at allis very different for those with an outstanding tax liability.
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