http://www.SodowskyLaw.com If you owe federal income taxes but dont have the money to pay the taxes you owe, the IRS may charge you penalties. Find out here in this video what the penalties are for failing to pay your taxes by the deadline.
Americans know they have to file and pay their tax returns by April 15th; however, sometimes difficulties arise and people cannot afford to make their full payments to the IRS. If you cannot pay all of the taxes you owe by the tax deadline, the IRS will charge you a failure-to-pay penalty that will start accruing the day after the deadline. You will be charged a .5% of your unpaid taxes for each month the tax remains unpaid, and this charge will begin on April 15th, even if you filed a timely extension or a late return.
For help with your tax problems, a tax professional at the Sodowsky Law Firm in Northern Virginia can help. Call us for guidance at 703.476.1176.