4 Most Common Tax Penalties

Common penalties include:

1. Failure to file – when you don't file your tax return by the return due date, April 15, or extended due date if an extension to file is requested and approved.

2.Failure to pay – when you don't pay the taxes reported on your return in full by the due date.

3. Failure to pay proper estimated tax - when you don’t pay enough taxes due for the year with your quarterly estimated tax payments.

4. Dishonored check - when your bank doesn't honor your check or other form of payment.


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Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsource tax, payroll and bookkeeping company and not associated with any aforementioned institution.