If you filed an extension on your 2024 income taxes, mark your calendar: October 15 is the deadline. Miss that date, and the IRS hits you with a 5% monthly penalty on what you owe—up to a staggering 25% of your total due. That means if you owe $1,000, procrastinating until March will tack on an additional $250, plus accumulated interest!
Speaking of interest, the IRS charges a 7% annual percentage rate (APR) until your back taxes are fully paid. Filing late can snowball into a costly headache, but filing on time drastically reduces the damage. Even if you can’t pay right away, getting your return in before the deadline means you avoid the failure-to-file penalty—instead, you’ll only be charged a modest 0.5% per month (plus the 7% APR). That’s a small price compared to the hefty penalties for not filing at all!
Here’s the best part: you don’t need to fork over hundreds at a big-name tax prep chain. Gordon Tax Service offers expert e-filing with 100% accuracy for a fraction of the cost. Check out my services and rates on my website, then give me a call or send an email—I’ll take care of the rest.
Got back taxes? It’s time to take control. Gordon Tax Service can help!