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Tax tip: ‘Fess up and pay your 2010 taxes

by on
in Small Business Tax

If you haven’t filed your 2010 return yet—and didn’t re­quest an extension—you’re only mak­­ing matters worse by dawdling if you owe tax.

The IRS will assess both a “failure to file” penalty (5% of the un­­paid balance per month up to a maximum of 25% of the unpaid balance) and a “failure to pay” penalty (0.5% of the unpaid balance per month for as long as you owe).

To stop the bleeding, pay your bill by credit or debit card at www.irs.gov/e-pay. Alternatively, apply for an installment agreement on Form 9465, Installment Agreement Request.

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