![]() ![]() Interest accrues on top of the penalties. Two penalties may apply | One penalty is for filing late and one is for paying late. The IRS Wants You to Know These Things About Penalties Second, the not good news for some of you | If you owe tax, and you failed to file and pay on time, you will most likely owe interest and penalties on the tax you pay late. To keep interest and penalties to a minimum, you should file your tax return and pay the tax as soon as possible. (It’s not 100% good news because you could have been using that money if you had filed It’s information about filing late and paying penalties, so we’re hoping most users of don’t need it.įirst, the good news for some of you | If you are due a refund there is no penalty if you file a late tax return. This is our last post of the tax season, 2016. ![]() Marketing to Small Business Decision Makers.Holiday Shopping Can Beat Forecast (Despite Inflation and Covid-19) | 2021.SBA Announces Call for Nominations for National Small Business Week Awards | 2022.QuickBooks Survey: 17 Million New Small Businesses Could Start in 2022.Small Business, Big Holidays: 2021-2022.IRS Tip: How Small Business Owners Can Deduct Their Home Office From Their Taxes | 2022.
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