that covers all or part of your estimated tax bill — it will automatically process an extension for your tax return.
Taxpayers who don't file a tax return or a tax extension by the April deadline will be charged a penalty of up to 5% of the outstanding tax bill for every month the return is late. There's no penalty for filing a tax extension, but there may be penalties for late payments on any money owed to the IRS.
If you expect to have a tax bill, you're responsible for estimating the amount and paying it in full by April 15. A tax bill is the result of underpaying taxes throughout the year; either your employer didn't withhold enough money from your paycheck to cover your taxes, or if you're self-employed, you didn't pay enough estimated quarterly taxes.
If you don't pay your tax bill in full by tax day — whether you file an extension or not — you'll pay a penalty, typically 0.5% to 1% of any unpaid tax owed at the deadline, charged each month the tax remains unpaid . On top of that, the tax bill is also subject to federal interest rates.for taxpayers who owe less than $1,000 or paid the lesser of 90% of their tax liability for 2019 or 100% of the tax shown on the return for the prior year.
If we are going to postpone anything, it should be tax filing day.. Move it to October 15th..
realDonaldTrump will cost over 1 million Americans to lose their jobs .. vote him out ..
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