You'll Face a Higher Penalty for Not Filing Your Tax Return This Year
The deadline for filing and paying taxes has been extended this year as a result of the COVID-19 coronavirus and resulting business shutdowns. You now have until July 15 to submit your paperwork to the IRS and pay what you owe.
But while you have more time, you still need to make sure you file by the new extended deadline. That's because the penalty for failing to file is much higher than the penalty for just failing to pay your tax bill. In fact, it's gone up a lot this year, so it will be especially important to submit your return on time.
Image source: Getty Images.
Source Fool.com
