What Happens If You File Your Taxes Late?
Late Filing Penalty
You might not remember some of your family member's birthdays, but April 15 is a day every working American remembers. It's the last day to file your income tax return, and by not filing it, you can face heavy fines and penalties that can include jail time. If you don't file your taxes by April 15 and you owe money, get ready to pay more than you originally would have. Even if you mail your taxes one day late, the IRS will impose a late filing penalty upon you, according to IRC 6651(a)(1). The only way the IRS won't charge you this penalty is if there is a reasonable cause for the delay that is causing you to file your taxes late. For example, you never received wage and tax information from your employer. Otherwise, as of April 2011, expect to be charged the current federal short-term interest rate plus 3 percent of what taxes you owe, up to 25 percent of your total taxes owed. This can add up to be quite a bit of money, if you already owe a substantial amount in taxes.
Interest on Penalties
The IRS will charge you interest on the penalties if you've been sent a notice and demand for payment, and you don't pay within the 10 days allowed. You will only be charged interest beginning from the date of the notice and demand, through the date when you finally pay. Since most people didn't pay their taxes because they couldn't afford it, and probably can't pay within the 10-day deadline, they're now faced with more charges tacked onto the initial tax bill owed. The IRS will set up a payment plan that allows you to pay off your tax debt in installments, but only if you've filed all the previous years' taxes.
Criminal Penalties
If the IRS feels you've willfully failed to pay your taxes, file a return, keep records, or supply information requested by them, they may file criminal charges against you. The last thing anyone wants is for the IRS to think they are willfully trying to not comply with the government's rules on filing taxes. Tax attorneys are expensive and the stress of going through a criminal investigation by the government could be devastating to your personal and financial life. It's possible to go to jail for not paying your taxes, or have your paychecks docked 25 percent. It's always best to try to work out a repayment plan with the IRS and not ignore its requests.
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