JACKSON, MS (Mississippi News Now) -
Now that the tax deadline has officially passed, you'll face penalties if you haven't filed or paid your taxes yet.
There's a .5% monthly failure to pay penalty on your unpaid balance. So, for example, if you owe $1,000, you would have to pay $1,005 plus interest in May. If you didn't file your return at all, there's a monthly 5% failure to file penalty. So, again, if you owe $1,000, you would owe $1,050 in May.
"It's important to go and file in April if at all possible, if you have your paperwork you will save a lot of money for yourself in penalties," said Adela Walsleben, the H&R Block District Manager.
You can file for a tax filing extension through October 15th.
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