Submit Your Tax Return by June 14th to Avoid Paying a Non-Filing Fee
If you have not filed a tax return for 2017, you have another day before you come up with the payment of the fee for failure to tax declarations .
This fee is different from the late tax penalty, which is 0.5 percent of the amount owed for each month you did not pay, plus interest. The tax return fee is “typically five percent for each month or part of a month that the tax return is late.” And once you reach 60 days after the due date, which was April 18th, without registering, the minimum charge will be $ 210 or 100 percent of the tax, whichever is less.
To avoid paying this amount, you need to file a tax return or request an extension by June 14th. You will still have to pay taxes and assessed late fees, but you don’t need to worry about additional penalties.
“You can avoid some of the fines, at least by filing a tax return, ” DeDe Jones, managing director of Innovative Financial in Lakewood, Colorado, told CNBC . “And then, if you need, you can request a payment plan.”
This fee does not apply if you have not applied but are owed money, or if you have applied for a six month extension. And one more thing: if you haven’t applied yet, consider setting up calendar reminders so you don’t spend more money in the future.