What are the penalties for not paying self-employment taxes?
An example of an AI chatbot conversation about self-employment tax penalties.
What are the penalties for not paying self-employment taxes?
If you don't pay self-employment taxes, you may face penalties including interest on unpaid taxes and a failure-to-file penalty.
How much is the failure-to-file penalty?
The failure-to-file penalty is typically 5% of the unpaid tax for each month your return is late, up to 25%.
Is there a way to appeal these penalties?
Yes, you can appeal penalties by filing Form 843, Claim for Refund and Request for Abatement, under certain circumstances.
What if I can't pay my self-employment taxes on time?
If you can't pay on time, you can request a payment plan or an extension, but interest and penalties may still apply.
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