Here’s how to avoid IRS penalties and interest - YouTube video text script

 

It's important to file your tax return by the due date.

Avoid penalties and interest by filing and paying on time.

Even if you’re having trouble, the IRS has options to help. Here are some tips.

Even if you can't pay in full, it's better to file on time and pay as much as you can.

If you can’t file your taxes by the filing deadline, request an extension.

If you meet the extension deadline, you won’t see a failure-to-file penalty.

Remember that filing an extension gives you more time to file, but not more time to pay.

You should still try to pay as much as you can by the original due date. This will help minimize the penalty and interest, which is based on the unpaid balance.

Find helpful information on this topic with these links…

For info about what happens if you don’t file on time or pay what you owe, visit IRS.gov/penalties.

For details about how the IRS figures interest on your unpaid balance, go to IRS.gov/interest.

Finally, for more information about payment options, including installment agreements and paying online, visit IRS.gov/payments.