![]() This year, taxpayers aren't eligible for the usual six-month extension, because the deadline has already been postponed due to COVID-19. Once a tax return is more than 60 days late, though, there's another charge: either taxes paid in full or $435. The fees begin with being charged an extra 5 percent of the taxes owed, for every month the paperwork is late, "up to a maximum of 25 percent," the IRS states. While this doesn't exempt you from paying your taxes on time, it does help avoid any late fees, which can be extreme. ![]() Like any other tax year, taxpayers are eligible to file for a free extension, which gives them some extra time to file. ![]() ![]() Though the 2020 tax deadline was extended because of the coronavirus pandemic, there's still a way to buy yourself even more time to submit your federal taxes if you're not prepared for the July 15 deadline. ![]()
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December 2022
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