![]() If you haven't done so already, finish up your return or at least file an extension by April 15, says Smith: "Most of you are probably entitled to a refund, so don't let the government hold your money for free. If you end up owing money and can't afford to pay it, you can always apply for a payment plan with the IRS to resolve your tax debt. Had you filed an extension request, the penalty would have been six months at 0.5%, or $300." 15) and a 0.5% failure-to-pay penalty for October (or $50). Say you owe $10,000 in taxes, don't file for an extension and pay on Oct.15, says Smith: "By not filing for an extension, you have a 5% per month penalty for failure to file (25% total or $2,500 through Sept. If you don't file, the consequences can pile up, thanks to fees and interest. Just make sure you file within three years or the IRS is no longer required to pay you your refund."Įven if you can't pay your taxes, it's still important to file, Smith says: "You need to either file by April 15, or file an extension by April 15." So if you are entitled to a refund there will be no penalties. Penalties only come into play if you owe the IRS, says Smith: "Both penalties are a function of the amount of tax owed. If both penalties "are running concurrently, the total per month cannot exceed 5%," Smith notes. This is the last day to pay estimated taxes for income earned September 1, 2022, through December 31, 2022. The interest rate is equal to the federal short-term rate, plus 3%. Estimated tax payments due for 4th Quarter. Notice: If the due date shown falls on a weekend or federal or state holiday, the payment is due the next business day. This applies to extended due dates as well as original due dates. Interest also accrues on your unpaid taxes. holiday, IRS accepts returns as timely filed if received by the next business day. The penalty is far less: Generally, the IRS will charge you 0.5% of your unpaid taxes for each month you don't pay, up to 25%. If you file your taxes but don't pay them, the IRS can charge you a failure-to-pay penalty. If you file more than 60 days late, you'll pay a minimum of $135 or 100% of the taxes you owe (whichever is less). The penalty starts accruing the day after the tax deadline. ![]() NOTE: THERE ARE NO GRACE PERIODS FOR THESE DEADLINES.If you don't file, the failure-to-file penalty is 5% of your unpaid taxes for each month your tax return is late, up to 25%. 2nd half: payable by May 31st without penalty.1st half: payable by January 10 without penalty.They can be paid in total or in two installments. Tax bills are distributed once a year around mid-December. The tax year begins on December 1 and ends on November 30 of the following year. If you owe, the failure to file penalty is typically 5 of your unpaid tax. But you have a little bit of a cushion this time: The final deadline to file a 2019 return is July 17, 2023, because the original 2019 due date was delayed due to the COVID-19 pandemic. Please contact the Tax Receiver’s office if you have any questions) Supporting DocumentsĢ017 Town of Smithtown Real Property Tax Cap Information (PDF)Ģ017 Tax Rate Sheet (PDF) STAR Amounts Per School District The sooner you file, the less youll owe in penalties. (NOTE: Online Tax payments to the town will not be allowed after May 31st. PLEASE USE A BROWSER OTHER THAN INTERNET EXPLORER WHEN MAKING A PAYMENT, AS IT IS NOT ACCEPTED ON THE TAX SERVICE WEBSITE. NOTE: 2022/2023 taxes as well as limited previous years are available for viewing. To facilitate payment please have your current tax bill in hand since you will be required to supply that information when payment is made. WASHINGTON The Internal Revenue Service issued a final reminder today to nearly 1.5 million taxpayers across the country to claim their refunds for tax year 2019 by filing before the July 17, 2023, deadline. The Office of the Receiver of Taxes welcomes you to the Town of Smithtown’s On-line Tax Lookup and Payment System.
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