The cost of paying your taxes late
If you owe money to the IRS upon completing your tax return, it’s best to make that payment on time.
Otherwise, you’ll face a late payment penalty equal to 0.5% of your unpaid balance.
What happens if you don’t pay taxes on time?
If you file your taxes but don’t pay them, the IRS will charge you a failure-to-pay penalty. The penalty is 0.5 percent of your unpaid taxes for each month you don’t pay, up to 25 percent. Plus, you’ll owe interest on the unpaid amount.
Can you go to jail for not paying car taxes?
The short answer is maybe. You can go to jail for not filing your taxes. You can go to jail for lying on your return. But you can’t go to jail for not having enough money to pay your taxes.
How long can you go without paying your property taxes?
After a set period of time – typically anywhere from six months to two years, depending on where you live – if your taxes are still unpaid the taxing authority’s tax lien gives them the right to foreclose on your property. Your home then gets sold at an auction to anyone willing to pay off the back taxes due.
Photo in the article by “Flickr”