What Are the Penalties and Interest for Late Taxes?

Categories: Featured, Personal Finance
What Are the Penalties and Interest for Late Taxes?

You might not have to pay as much as you think, or anything at all

The first thing everyone wants to know when it comes to late taxes is whether they will be charged any penalties and interest. In fact, fear of penalties is enough to keep some people from filing their taxes. But some late filers don’t have to pay any penalties at all. Arming yourself with information can help you make the best decisions when it comes to dealing with your late taxes.

No penalties

If you’re due a refund, you don’t owe the IRS any penalties or interest. That’s right. None. Zippo. Zilch. That means you can file a late return without having to worry about getting… Read more…

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California Taxes: More Than Sticker Shock

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California Taxes: More Than Sticker Shock

Californians pay the highest sales tax in the nation. Their top-bracket earners have the second-highest income tax rate in the country. The middle class to upper class — those making $48,000 to $1 million — are right up there among the most highly taxed, too. California’s gas tax, at 35.3 cents per gallon, is third-highest in the nation. Corporations face the highest tax rates in the West.

California is famous for having high taxes, but they’re still a subject of perennial debate. Outside of California, the facts are pretty stark: state residents take home less of their paychecks than almost anyone else, and more gets taken out of the after-tax money they spend. Add that to the generally high cost… Read more…

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Did New Jersey Tax Verizon Into Becoming a Monopolist?

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Did New Jersey Tax Verizon Into Becoming a Monopolist?

Via MauledAgain, I found a fascinating story about New Jersey’s tax on telephone poles owned by the ‘dominant provider’ in the state. As Maule points out, it’s a hard law to understand: it’s not just about revenue or beautification, because this would apply to taxing any phone company, not just the largest. He adds:

One wonders why a tax would be imposed only on the dominant provider. Was it an attempt to disadvantage the market leader in order to boost the competition and level the playing field? It is a rather interesting way to spread the wealth. Imagine an income tax imposed only on the largest software company, the biggest bank, the top-paid baseball player, and so on.

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The Other Big Election 2008 News

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The Other Big Election 2008 News

Although most people were paying closer attention to the Presidential election, some local votes might have a bigger impact in the long run:

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