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MoneyTips

The Internal Revenue Service has plenty of ways to penalize you for mistakes on your tax return. Some of these potential penalties are so convoluted and complex that there may well be disagreement within the IRS on when they apply. However, most people accrue tax penalties for very simple mistakes. Below are some of the more common yet easily avoidable mistakes.

  • Failing to File – Do you really think the IRS will forget about the fact that you did not file your tax return? It may take some time, but the IRS will eventually catch up with you. Expect little sympathy if you do not file. The IRS is willing to work with people to make payments, but if you make no effort at all, you are subject to the non-filing penalties of 5% per month of the due taxes, up to 25% of your unpaid tax bill.

    Many people simply put off filing until it is too late, and then think that doing nothing is better than attempting to file a potentially wrong return. You ca...

How Your Fellow Americans Cheat On Taxes

The Punishing Costs of Paying Your Taxes Late

Avoid Penalties If Late On Paying Taxes


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