♦ Failure-to-file penalties

Failure-to-file Penalties:
It is always best to file your yearly income tax returns when they are due in order to avoid failure-to-file penalties. Even if you can’t afford to pay what you owe, you generally want to file on time. The IRS will impose failure-to-file penalties and these will be added to the balance of what you already you. Then, you’ll have interest on any outstanding balance which will accrue until the total amount owed is paid off. Lastly, the IRS will not waive interest charges which have accrued on taxes and penalties owed.


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