Are you on target to file your taxes before April 17th? If not, you may want to quickly review the fees for filing late. If you are going to be late in filing your taxes, you will incur a penalty fee as well as pay interest on the money you owe the IRS. Even if you file an extension, you will still incur fees and the interest rate will be charged retroactively.
The other news is that the IRS just released a statement saying they are increasing the interest rate for past due taxes to 5%. This may not come as a shock to some, since all other interest rates have gone up over the last year. But, it’s still worth reviewing so you know how much you may owe.
Want to stay up to date on the latest news from the IRS? Here’s the link to their news page…https://www.irs.gov/newsroom