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What happens if I file taxes late?

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Filing your taxes late can result in a much higher failure-to- file penalty. You'll be charged 5 percent of your unpaid taxes for every month that your return is late, up to 25 percent of the balance. For example, if you owed $1,000 in taxes, your failure-to- file penalty would be $50 per month, up to a maximum of $250.
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