Question

jane filed her tax return for the 2023 taxation year on september 15, 2024. she enclosed with the return a cheque for $10,000, the balance of tax owing. neither jane nor her husband carried on business in 2023. jane will be assessed a late filing penalty of:

Answer 1

Jane will incur a late filing penalty for filing her tax return after the April 15th deadline without an extension, which is typically 5% of unpaid taxes per month.

Step-by-step explanation:

Jane filed her tax return for the 2023 taxation year on September 15, 2024, and enclosed a cheque for $10,000, which was the balance of tax owing. Generally, the deadline for filing taxes is April 15th of the year following the reported tax year. If the return is filed after the deadline without an extension and taxes are owed, the Internal Revenue Service (IRS) imposes a late filing penalty.

The penalty for filing late is usually 5% of the unpaid taxes for each month or part of a month that a tax return is late, up to a maximum of 25%. However, since specific penalty amounts can vary and may be updated by the IRS, Jane should consult the most recent tax guidelines or speak with a tax professional to determine the exact penalty amount.