File TAX Returns and Pay Your Taxes on Time (UBT)
OK, so you might be saying, “I don’t have the money to pay the tax bill on time.” Here’s the thing: It’s better to submit the tax form and owe than not to submit the tax form at all. Not filing the form at all incurs a penalty of $500! Failure to remit all or part of the tax owned by the due date incurs a penalty of 10% of the tax owed and interest of 2% per month on the amount of the tax that remains unpaid, but you would have avoided that $500 penalty. But, really, the best option is to file on time and pay the correct taxes quarterly and avoid large balloon payment at March 31 when the annual tax return is due.