elenaleonova / Getty Images If you have a tax refund coming your way, there is no penalty for filing your return late, the IRS noted in a tax tip issued Tuesday. But if you end up owing the IRS money, that’s a different story: Late filers are charged 5% of the money they owe for every month after the due date, up to a maximum of five months, and with a minimum fee that kicks in once you are 60 days late. All things considered, it’s a good move to file as soon as possible to avoid piling up penalties and interest, the IRS said in the tax tip, noting that taxpayers can still file electronically through Oct. 15. And taxpayers with a good track record (usually over the past three years) can ask the IRS to waive the penalties. (Though, we should warn you, it’s not easy to reach someone at the agency these days.) The tax filing deadline was pushed to May 17 this year, more than a month past the usual April 15 date, because of the pandemic and last-minute changes to the tax code authorized by relief legislation. Changes included a special tax break for those who collected unemployment benefits in 2020.
