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And, you'll owe a total failure to pay penalty of 6% of the balance, calculated as 0.5% per month for 12 months. Assuming the interest rate stays the same, you'll owe roughly 4% of the balance for interest (slightly more, since it compounds daily). So, even if you can't pay, it's a smart idea to file your tax return anyway.Īs an example, let's say that you owe the IRS $5,000, and that your balance remains unpaid for one year after the deadline. The failure to file penalty, on the other hand, accumulates 10 times as fast - 5% per month, or part of a month, up to the same 25% maximum. The failure to pay penalty is 0.5% per month, or part of a month, up to a maximum of 25% of the unpaid tax amount. Penalties depend on whether you simply haven't paid your taxes, or if you haven't filed at all. If youre missing necessary supporting documents from 2016, such as W-2s or 1099s that show income or taxes paid, call the employer you worked for at the time and ask for a copy. You can get a 2016 tax form from IRS.gov or by calling 80. The IRS interest rate can change quarterly, and as of this writing, the rate is 4%. To collect your refund, you must file a 2016 return by July 15. Interest compounds daily on any tax that remains unpaid as of the due date. However, depending on how late you are and how much you owe, the IRS can assess interest and penalties on your unpaid balance. It's not exactly a payment cut-off date - quite the contrary the IRS will gladly accept a payment after Tax Day has passed. Technically speaking, I should say that April 18, 2017, is the absolute last day to pay your taxes without paying interest and penalties.
#LAST DAY TO FILE 2016 TAX EXTENSION PROFESSIONAL#
If any of these affect you, the relevant publications are available on or you can consult a tax professional to determine if the deadlines don't apply to you. You can see recent examples, and the deadlines that were affected, here. If you were a victim of certain disaster situations.If you're a citizen or resident alien working abroad.If you're in the Armed Forces and are serving in a combat zone.There are a few exceptions to the deadline to pay and file taxes, such as: Are there any exceptions to the Apdeadline? Failure to do so can result in interest and penalties. In fact, if you're not finished with your return and plan to request an extension, you're expected to estimate the amount of tax you'll owe, and send this payment in with your extension paperwork. Any balance owed to the IRS is still due on the April 18 Tax Day.