What are the penalties for not filing taxes on time?
An example of an AI chatbot conversation about tax penalties for late filing and payment.
What are the penalties for not filing taxes on time?
If you don't file your taxes on time, you may face a failure-to-file penalty, which is typically 5% of the unpaid taxes for each month your return is late.
What if I can't pay my taxes on time?
If you can't pay your taxes, you may incur a failure-to-pay penalty, which is usually 0.5% of the unpaid taxes for each month.
Are there any exceptions to these penalties?
Yes, there are exceptions. For instance, if you can show reasonable cause for not filing or paying on time, the IRS may waive the penalties.
How can I avoid these penalties in the future?
To avoid penalties, file your taxes on time, pay any owed taxes promptly, and consider setting up a payment plan if needed.
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