IRS Late Payment Penalty Calculator

The IRS late payment penalty calculator is answer to find out the answer to the question ” how much does it cost to file taxes late ?”. So use this tool for fast estimation of amount that may imposed as penalty for failure to pay tax in time by a tax  payer. The quantum of failure to pay tax is less than the penalty imposed for failure to file taxes. But , it is always prudent to not only file taxes in time , but also estimate tax penalty for underpayment and pay it as soon as possible ! Below is a Beta version of IRS tax penalty calculator

IRS late payment penalty calculator

Point to Note on IRS penalty calculator

  1. Penalty for failure to pay is dependent on the failure to file tax return. Because the failure to file penalty is fixed at  5% where as the late payment penalty rate is one tenth i.e 0.5% . Therefore , till the month of penalty for failure to file penalty imposed , no penalty for late payment of tax shall be imposed as per law.
  2. The extension of due date to file tax return affects the penalty calculation . If you pay 90% of the tax by the time of filing application for extension of time to file tax return and pays the balance tax by the extended due date , penalty for failure to pay can not be imposed then.

Please give me your valuable feedback for any suggestion or improvement of the tax penalty calculator


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