The marriage penalty takes effect when the taxes you pay jointly exceed what you would have paid if each of you had remained single and filed as single filers.

The failure-to-pay penalty is 0.5% of your unpaid taxes for each full or partial month you don’t pay your tax bill—even if you’re just one or two days late.

The IRS is urging taxpayers who requested an extension for their 2024 federal tax return to file during the summer months. By doing so, you can avoid the autumn rush, reduce the risk of errors, and ...

The failure-to-file penalty is steep: 5% of the unpaid tax you owe for each month or part of a month that your return is late. That means if you’re supposed to file on April 18 but don’t do so ...

Can't fully pay your tax bill in today's economy? Various options may be suitable for your unique circumstances.

Differences between penalties for not filing taxes and not paying taxes. Failing to file your tax return on time can result in a penalty for not filing.This penalty is typically 5% of the unpaid ...

Failure to pay penalty: For each month or part of a month your remaining taxes aren’t paid from the due date of your return, you will be charged a 0.5% penalty on the unpaid amount.

But since not filing your taxes on time and not paying your taxes on time often go hand and hand, the IRS won't tack on an additional 0.5% penalty so you would pay a combined 5% penalty.

President Donald Trump ’s ‘big beautiful bill’ delivers a temporary higher limit on the federal deduction for state and local ...