Coronavirus has upended the daily lives of millions of Americans, but taxes are still due on April 15
that covers all or part of your estimated tax bill — it will automatically process an extension for your tax return.
Taxpayers who don't file a tax return or a tax extension by the April deadline will be charged a penalty of up to 5% of the outstanding tax bill for every month the return is late. There's no penalty for filing a tax extension, but there may be penalties for late payments on any money owed to the IRS.
If you expect to have a tax bill, you're responsible for estimating the amount and paying it in full by April 15. A tax bill is the result of underpaying taxes throughout the year; either your employer didn't withhold enough money from your paycheck to cover your taxes, or if you're self-employed, you didn't pay enough estimated quarterly taxes.
If you don't pay your tax bill in full by tax day — whether you file an extension or not — you'll pay a penalty, typically 0.5% to 1% of any unpaid tax owed at the deadline, charged each month the tax remains unpaid . On top of that, the tax bill is also subject to federal interest rates.for taxpayers who owe less than $1,000 or paid the lesser of 90% of their tax liability for 2019 or 100% of the tax shown on the return for the prior year.
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