IRS Penalty Calculator

The Internal Revenue Service imposes penalties for late-filing and late-paying taxes. The IRS Penalty Calculator will help you find out how much you will pay in taxes added with penalties.

The penalties can be assessed due to both late-filing and paying. However, there isn’t a penalty for everyone who files their federal income tax returns late. If you’re expecting a refund from the Internal Revenue Service, you aren’t subject to late-filing penalties.

While this sounds good and all, you won’t get your tax refund until you file taxes. Having said that, it’s always going to be in your best interest to file taxes as early as possible.

Start estimating IRS tax penalties.

There are also other types of penalties. Certain tax forms must be filed before due. If filed after the deadline, the IRS will impose penalties for simply late-filing these tax forms. To see the penalty for IRS tax forms, read from here. You can also use the search to find the penalty for the tax form you’re looking to learn more about.

What is the maximum IRS tax penalty?

For the federal income tax returns, the maximum tax penalty can be 47.5 percent of the tax. This percentage refers to both the payment and filing penalty. The maximum late-filing penalty is 22.5 percent while the maximum late payment penalty is 25 percent.

Don’t let the percentages think you otherwise. Filing taxes late is a much severe offense than paying late. The IRS would gladly set up you on a payment plan where you can pay taxes without paying late fees and interest.

If you want to avoid paying penalties in the future, make sure to let the IRS know about your situation. If you’re going to file or pay late, contact the IRS and explain the situation. There are plenty of reasons where the IRS can waive the late-fees and interest subject due to late filing and paying.

By contacting the IRS in these situations, you won’t even need to use the penalty calculator.