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    Home»Finance»NOT FILED TAXES FOR YEARS? HERE’S HOW TO AVOID A LATE TAX PENALTY

    NOT FILED TAXES FOR YEARS? HERE’S HOW TO AVOID A LATE TAX PENALTY

    Trevor James.cBy Trevor James.cApril 11, 2022No Comments5 Mins Read
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    There is a late tax penalty that awaits you if you don’t file your taxes as framed by the IRS. If filing past returns isn’t an option, then take the necessary steps to avoid any future problems like this happening again with fines or other consequences. 

    Penalties for not filing taxes in time 

    This question usually starts with explaining what failure-to-file or late-filing means and what the penalties are. If your return was due more than 61 days ago, you might have to pay $435 in minimum monthly failure to file penalties. The maximum late fee is 25%. So, if your taxes were overdue by 60 days or more, then that’s how much you will be charged (minimum amount). 

    Penalties types 

    • Estimated taxes underpayment – When you are not paying your quarterly estimated taxes as scheduled by the IRS, the underpayment of quarterly taxes occurs. Failure results in a late tax penalty for late-payments and estimating what you owe each quarter. The IRS does this so that people are on time with their payments and estimates, which is good because it promotes accurate estimations from taxpayers. 
    • Penalty for underpayment –If you underpaid your estimated taxes, the IRS would send a notice about the penalty. They calculate it based on when and how much was owed for this year or last year you filed with them. For smaller amounts of tax, penalties are typically minor. The IRS Form 2210 helps determine how much in fines you owe by calculating both short-term loss amount and long-term loss amount (using your financial history). A third option provides within the form itself, which calculates all three methods at once. If you didn’t withhold enough tax, it is easy to determine your penalty amount by using the federal short-term rate and adding 3% to it. You may let the IRS figure out your penalty if you don’t file Form 2210 or any of parts B, C, or D are not applicable. 

    Exception from penalty 

    You are exempted from the penalty if you:  

    • Are exempt from taxes due to lack of income, are a U.S. citizen, and your prior tax year covers at least 12 months (or have no taxable income).  
    • Experience an unforeseen unusual event such as a casualty or disaster that doesn’t allow you to file timely returns even though everything else is in order.  
    •  62 years retired or older during the current year and had reasonable cause not to make payment. 
    • Became disabled during the last two years before filing this return.  
    • Qualify for the estimated tax safe harbor. 

    Rules for safe harbor – Rules include:  

    •  If your total payment is 90% or more of this year’s figure of 100% (or less than $1,000 left to be paid after deductions and credits)  
    •  If your adjusted gross income was between $75,001-$150k last year (or between 75%-87k if married, filing separately).  
    •  You have met these requirements for the past three years consecutively. 

    Penalty for Filing late – If you are late filing your return, or if it is to be filed on time, but an extension has not been granted, a penalty of 5% of the amount due for every month will apply. In addition to this, failure-to-file fines (if applicable) and failure-to-fail pay penalties apply as well. If you owe at least $210 in taxes for your 2021 Tax Return, then it would be reduced down by the lesser amount owed by applying concurrently with a past-due tax payment deadline. However, any more than 60 days late returns will incur late tax penalty fees depending on how much they’re worth with additional consequences should they also fall under other areas where failures have coincided. Such as paying taxes: 100% of the total owing or $210, whichever is less depending. 

    Penalty for taxes owed late – Even if you file for an extension, the interest and penalty will still add up to a total of 0.5% on your account balance (if not paid by due date) or 25% in case you default entirely. In case this happens, there is no limit to how much they can charge you on back taxes. However, late tax penalty may vary depending on the situation at hand and what state/country where the fiscal obligations lie. You’ll also be charged applicable interest rates quarterly for underpayment of taxes year-round currently 3%.  

    Avoidance of penalty: If you’re optimistic that you won’t be able to file your taxes on time, or if some unexpected circumstances have come up, which means there’s no way for you to work with the late tax penalty deadline, then it might make sense to file an extension. Form 4868 will provide you with more time and give you additional opportunities until October 15th in this case. Remember that we should pay any tax due by the deadline or face a late-filing penalty of 10 times as much. The failure-to-pay penalty is also 10x as dangerous, so remember you need to make sure all your debt is paid off and submit your taxes before they’re too late! 

    If you cannot pay the penalty 

    One option to avoid this late tax penalty is to find alternate methods of paying your debt and interest on it if possible. For example, just like credit cards or loans have lower monthly fees than IRS penalty fees, some people may use a card or loan to repay their smaller balance instead of facing higher penalty costs later on in time. 

    Three alternatives for payment plans as framed by IRS:  

    • Option 1 is to get an extension of time. 
    • Option 2 is to enter into a plan including monthly payments and
    • Option 3 is to make an offer-in-compromise. 

    Summary: Flyfin software is an excellent option for individuals who want to do their late tax penalty. You’ll be confident in your return, no matter what type of tax form you’re filling out. It’s simple and easy to use – answer some basic questions about your life, and Flyfin will take care of the rest. 

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