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Penalty for owing and not paying on time for 2017 taxes

Posted: 10:24 AM, Jun 11, 2018
Updated: 2018-06-11 14:24:43Z

If you still haven't filed your federal income taxes for 2017, and you owe money, there's another deadline you need to know about.

After June 14, the penalty for not filing a tax return is at least $210.

Experts say even if you can't pay what you owe, submitting your return by June 14 will eliminate some of the penalties.

The charge for filing late is separate from the one for paying late.

Typically, the penalty is 5% of what you owe for each month that your return is late.

The IRS does allow taxpayers to apply for a payment plan.

For those who requested a 6-month extension, you're in the clear for now.