What are the penalties for filing taxes late?

If you file your taxes late in South Carolina, you could face stiff penalties and interest. The penalty for filing taxes late is 5% of the tax due for each month (or partial month) that the tax return is late, up to a maximum of 25%. If you are more than five months late, an additional penalty of up to $500 may also be assessed. If you fail to pay the taxes due with your return, the penalty is 0.5% for each month (or partial month) that the payment is late, up to a maximum of 25%. Interest will also be charged at the rate of 5% per month (or partial month) on the amount of unpaid taxes. This rate is based on the federal short-term rate, plus 2%. In addition to penalties and interest, you may be subject to other sanctions, including criminal prosecution, if you fail to pay your taxes on time. It is important to remember that the South Carolina Department of Revenue does not accept excuses for failing to file or pay your taxes on time. Therefore, if you have taxes due, make sure you file your return by the due date and pay your taxes as soon as possible. Failure to do so can result in costly penalties and interests that can be hard to recover from.

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What are the penalties for filing taxes late?

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