Filing and Paying Taxes Late - Tax Penalties Explained and How to Avoid Tax Penalties!

An extension to file taxes is NOT an extension to pay taxes. This is a major misconception in the tax world, and it is important to understand the difference. In today's video, Johnny explains it all!

There are many who did not file their taxes by the due date of April 18, 2022. If you missed the deadline, hopefully a tax extension was filed by April 18th. In today's video, Johnny breaks down potential issues to filing taxes late. Specifically, Johnny breaks down the Failure to File Penalty, and the Failure to Pay Penalty.

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Track: Levianth & Acejax - Real Love [NCS Release]
Music provided by NoCopyrightSounds.

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This information is for informational purposes only! You make your own decisions.
Johnny Reliable and affiliates and related parties do not provide tax, legal or accounting advice. This material is prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.

[caitlinpondillo]

So will you still be uploading parts 2, 3, & 4 of this series? I am a preparer and found this video VERY helpful when training my front desk receptionist. She is brand new to the tax world and knowing the basics is so important but there just isn't a lot of free/available knowledge out there for the average Joe to learn from. I would be very interested to see the other parts, for example, the difference between Standard and Itemized. You explain it so much better than I could for her.

[danielmyre]

What about the irs still waiting for the taxpayers return pmts? Should be a law for them not sending out taxpayers return