How to Avoid Paying a Penalty If You Filed Your Taxes Late
How to Avoid Paying a Penalty If You Filed Your Taxes Late Kate Dore, Mike Winters Image: shurkin_son (Shutterstock) If you missed last week’s extended tax filing deadline, you might be feeling anxious about getting hit with late-filing penalties by the IRS. However, if you don’t have a recent history of filing your taxes late, it’s possible to apply for something called a first-time penalty abatement, which will waive some of your penalties. Here’s a look at how you can apply. Advertisement How the IRS’ late fees work First off, if you are expecting a refund, there’s no penalty f...