If you don’t file your 2009 tax return and pay your tax by the due date you may have to pay a penalty, so here are some things you should know about the two different penalties you may face if you do not pay or file on time.
• If you do not file by the deadline, you might face a failure-to-file penalty.
• If you do not pay by the due date, you could face a failure-to-pay penalty.
• The failure-to-file penalty is generally more than the failure-to-pay penalty.
• The penalty for filing late is usually 5 percent of the unpaid taxes for each month or part of a month that a return is late.
• If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100 percent of the unpaid tax.
• You will have to pay a failure-to-pay penalty of ½ of 1 percent of your unpaid taxes for each month or part of a month after the due date that the taxes are not paid.
• If you filed an extension and you paid at least 90 percent of your actual tax liability by the due date, you will not be faced with a failure-to-pay penalty if the remaining balance is paid by the extended due date.
• If both the failure-to-file penalty and the failure-to-pay penalty apply in any month, the 5 percent failure-to-file penalty is reduced by the failure-to-pay penalty.
• You will not have to pay a failure-to-file or failure-to-pay penalty if you can show that you failed to file or pay on time because of reasonable cause and not because of willful neglect.
