Millions of Americans each year either don’t file their taxes or don’t pay their taxes to the IRS. This has been a major issue for the IRS since the creation of the agency. Unlike most people think, the late tax return filing fee is more than late payment fees.
If you haven’t filed a tax extension before the deadline for 2020 taxes which is April 15, you will be subjected to 5 percent of the additional taxes owed amount for every month that your taxes haven’t been filed, up to a maximum of 25 percent. However, if you haven’t filed your tax return more than 60 days after the due date, the minimum penalty is going to be 135$ or 100% of your unpaid tax (whichever is less).
We highly recommend filing your taxes anyways even if it has been more than 60 days. This way, you will keep yourself away from the further troubles and penalties that may be subjected to you by the IRS. Once you file your taxes, the IRS will help you if you can’t pay your taxes all at once. The payment plans vary from 30-day plans to 120-day plans.