Taxes take a big bite out of your income, but that bite gets bigger with the addition of late filing penalties.
How much bigger? It depends on what you’re late on, and how late you are.
For example, there are penalties for late filing, not paying at all, and both can be combined.
Here are some facts.
Taxpayers with refunds can file late without penalties. In other words, only taxpayers with a tax due to the IRS face penalties. (more…)