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Reply #8: I understand that its not pressed unless the amount is very large. [View All]

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dr.strangelove Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-16-10 12:40 PM
Response to Reply #7
8. I understand that its not pressed unless the amount is very large.
The penalty for not filing on time 5 percent of the amount owed per month. So one day late, yo would get hit with 1/30 of 5% of the amount owed, or $1.67 per day for each $1000 you owe. Then there is the penalty for not paying (assuming you owe money). That only 0.5 percent per month of the amount owed, or .17 per day for each $1000 you owe. If you owe nothing, then there is no penalty for late filing.

Really, the IRS will probably not hit you with any fees for being a day late, but they can. If you owe a large amount of money where these percentages are something significant, they might go for it. But if you owe less than $5000, its probably not worth the cost for them to ask you for the extra $10. If you are like me and owed $120, the penalty for one day late is less than the cost to mail me a notice about it.
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