If your tax year ends on December 31st, the tax deadline for filing tax returns is usually April 15th every year. If the envelopes are appropriately sent, your declaration will be deemed to have been submitted on time.
Each month you are late for tax payment, you will have to pay an additional 5% penalty on the total amount you owe. It is also important to note that one month does not mean 30 days for the IRS.
If you submit your return one day late, you will be fined a late payment penalty. In addition, you also pay interest, which only increases your fees. Also, submitting more than 60 days late makes things a little more complicated.
An unfilled penalty, also known as an undeclared penalty or a late filing penalty, is usually 5% of the tax payable monthly or part of a late return month. According to the IRS, the maximum penalty is 25% if the income return is delayed by more than two months.
Well, according to the IRS, you will not go to jail for merely not submitting your taxes. But if you lie on your tax return form, you will definitely go to jail.