Independence TAX Service

04/16/2026

Tax Tip:

Interest Accrues on Top of Penalties: Interest compounds daily on unpaid taxes and penalties, based on the federal short-term rate plus 3%.

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04/15/2026

Tax Tip:

IRS Can File a Substitute Return for You: If you don't file, the IRS may file a "Substitute for Return" (SFR) on your behalf. This usually results in higher taxes because they do not apply for deductions or credits you might be entitled to.

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04/14/2026

Tax Tip:

Heavy Penalties Apply: If you don't file, the penalty is 5% of the unpaid taxes per month, up to 25% of the total, according to the IRS.

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04/13/2026

Tax Tip:

Extensions Apply to Filing, Not Paying: An extension gives you more time to submit paperwork, but not more time to pay. Taxes owed are technically due on April 15, and interest/late-payment penalties begin accruing after that date.

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04/06/2026

04/04/2026

Tax Tip:

File Electronically to Avoid More Errors: Filing online is faster and reduces mistakes that can lead to further delays, such as incorrect SSNs or missing forms.

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04/03/2026

Tax Tip:

Minimum Penalties for Very Late Returns: For returns due in 2026 that are more than 60 days late, the minimum late-filing penalty is $525 or 100% of the unpaid tax, whichever is less.

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04/01/2026

Tax Tip:

You Have 3 Years to Claim a Refund: If you are owed a refund, you must file within three years of the original due date to claim it. After three years, the money becomes property of the U.S. Treasury

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