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Reply to "Best way to pay the tax bill as late as possible without penalty"
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[quote=Anonymous]Penalty for filing late is much greater than the penalty for paying late. Whatever you do, file your return or extension on time. Penalty for paying late is 0.5% of tax owed, per month. So if you owe $1000 and pay 5 months late, your penalty will be $25 (plus interest). By contrast, the penalty for [i]filing[i] late is 5% per month.[/quote]
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