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  2. What REALLY Happens if You Don't File Your Taxes

    Penalties for failing to pay your taxes on time are actually lower than for filing late. For each month past the payment date you will be assessed 0.5% of your total tax bill as a penalty. This fee also maxes out at 25% of your tax bill. However, interest still accrues on the unpaid taxes over and above the penalty for failing to pay on time.

  3. A late filing penalty - which is generally higher than a late payment penalty - occurs if you owe taxes and do not file a tax return or tax extension by April 18, 2022. Even if you can not pay your taxes on time, we strongly suggest you file a tax return or extension by Tax Day or the tax deadline. You will face late payment penalties if you do ...

  4. What Happens to Debt After 7 Years? - The Balance

    For example, say you were 60 days late on a credit card payment in January 2015. This late payment should have fallen off your credit report in January 2022. Let's also say that you caught up on your payments and made all payments on time until August 2019 when you became 90 days past due and then caught up again.

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