If for this month of October you have not paid your 2021 taxes, you should know that you are already subject to fines and interest payments. At Globe Live Media we explain how much you are going to pay for the delay
If by now you have not filed your 2021 income tax return, you are already late, which means that you will have to bear the cost of owing taxes and even pay penalties and interest for the delay.
The 2021 tax season closed on April 18, however, those who requested an extension to file their taxes had until October 17 to do so. This extension was valid only to present the taxes, not for payment, this should have been no later than April 18, based on your own estimates and if you go over what you must pay, the Internal Revenue Service ( IRS) returns it to you as a refund.
So if by these dates you have not paid your taxes, you are already many months behind. For starters, these taxpayers already face a non-payment charge equal to 0.5% of the total amount of tax due for each month after Tax Day (April 18).
There will also be interest charges that will be calculated from the amount that has not been paid, these are 3% plus the federal short-term rate. However, if you are in this month of October and you have not paid anything, that figure is 6% per year.
If not only did you not pay your taxes, but you did not send the corresponding forms and documentation before the due date, you are also subject to some fines. An additional 5% penalty will be applied for each month that you do not pay. This fine is retroactive from April 18, onwards.
What to do if you can’t pay taxes
You should not evade the debts you have with the Internal Revenue Service (IRS). So if for any reason you cannot pay, you should contact the tax authority immediately.
In fact, the Internal Revenue Service may be open to you working out a payment plan together so you can pay off your debt. The important thing is that you always notify what are the reasons that prevent you from paying.