I have not sent my taxes out yet will i get penalize for this and if so how much

[clamberti_slp]

How mush is  the fine and how fast does it accrue ?

[xmasbaby0]

Late filing penalties are based on how much you owe.

[xmasbaby0 · Accepted solution]

You can still file your tax return after the filing deadline. You will be able to e-file up to October 15, 2017.  If you are getting a refund, it will be OK to file past the deadline; you will not be penalized.  However, if you owe tax due, get your return filed ASAP, as penalties have begun to accrue.

[gregschierholz]

Just to add to xmasbaby0 guidance...that it's true the IRS will not add a penalty IF you are owed a refund....but....you still have to pay a fee for not filing on time = around $200+.

If you OWE and are filing late you will have to pay late fee (escalates the longer you wait) + late penalty + interest (it compounds faster the longer you wait).

If you are in tough financial times, the IRS is actually very good about working out a payment plan with you based on your financial situation.  Be sure you understand what your budget line items are (what you owe and how much you pay) so you don't work out a payment plan to IRS that leaves you short.

[xmasbaby0]

@gregschierholz  Could you please cite the IRS publication that states a late filer who is getting a refund will be charged a late fee of $200+?

[gregschierholz]

I apologize that I may have given the impression that the very modest penalty that the IRS agent who worked with me is codified or noted in a IRS publication.  IRS agents, depending on a case-by-case basis, have the ability to use their judgment.  In my case. I paid more in taxes and actually owed refund had I filed my tax returns.  My advice is to come clean to IRS.  They are far more likely to work with you.