Location : Wabbit Hole
Job/hobbies : Cayman Islands Actuary
|Subject: Via Anarcho-Capitalists' Forum: What happens if you don't file your tax return? Sat Feb 18, 2017 11:23 pm|| |
|Every spring, millions of Americans e-file or send in their paper forms to the Internal Revenue Service. But what happens if you donít file your tax return? What are the penalties if you, for whatever reason, donít or canít pay the taxes you owe?|
If you forget to fileÖ
Do it as soon as you remember
This yearís deadline to file your tax return is April 18. If you miss the cut-off, donít panic Ė just get online and file your return as soon as possible. The bad news is that you will have to pay a failure-to-file penalty, which will cost you 5% of what you owe on your federal tax bill. Still, the longer you wait, the higher that penalty will be.
If you decide not to fileÖ
Youíre going to get fined
If you decide to be a rebel, itís going to cost you. By choosing not to file a return, you are choosing to pay the failure-to-file penalty, which totals 5% of what you owe on your tax bill, maxing out at 25% of the amount. For example, if your tax bill is $1,000, youíll have to pay $50 per month up to $250.
If you file more than 60 days after the due date, the minimum youíll have to pay is a $205 fee, or 100% of the unpaid tax if you owe less than $205.
(Note: If both the 5% failure-to-file penalty and the 0.5% failure-to-pay penalties apply in any month, the maximum penalty youíll pay for both is 5%.)
Anarcho Capitalists Retail , Molyneux Cult Watch Souvenir Mall , OZschwitz Downunder BoutiqueAnarcho-Capitalists,AnCaps Forum,Anti-State,Anti-Statist,Inalienable Rights Defenders,Non-Aggression Principle,Non-Initiation of Force Principle,Rothbardians,Anarchist,Capitalist,objectivism,Ayn Rand,Anarcho-Capitalism,Anarcho-Capitalist,politics,libertarianism,Ancap Forum,Anarchist Forum,Vulgar Libertarians,Hippies of The Right,Forum for Anarcho-Capitalist,Forum for Anarcho-Capitalists,Forum for AnCap,Forum for AnCaps,Libertarian,Anarcho-Objectivist,Freedom, Laissez Faire, Free Trade, Black Market, Randroid, Randroids, Rothbardian, AynArchist, Anarcho-Capitalist Forum, Anarchism, Anarchy, Free Market Anarchism, Free Market Anarchy, Market Anarchy