What if I File Late?

Remember back in April when we were so excited about the extended filing deadline? Well, it’s right around the corner. ⁣

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Your 2019 tax payments are due in addition to the first and second installments of 2020 estimates. ⁣

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Even if you extend, the paperwork gets extended but not the actual payments. ⁣

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If you don’t pay on time or file late, you can incur penalties of 5% of the taxes owed per month the return is late, up to a maximum of 25%. ⁣

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If you file more than 60 days after the due date, the minimum penalty is $435 for tax returns required to be filed in 2020 or 100% of your unpaid tax, whichever is less. ⁣

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Avoid the unnecessary costs of a penalty and ask to have your accountant file an extension if you cannot meet the deadline.