Is there a penalty for late payment of state taxes in Nevada?

Yes, there is a penalty for late payment of state taxes in Nevada. If you fail to pay your state taxes on time, you will incur both penalties and interest charges. The penalty for late payment is assessed at a rate of 10% of the unpaid tax amount, with a minimum penalty of $50. Additionally, interest is charged on the unpaid tax balance at a rate of 0.50% per month or a fraction thereof. This penalty and interest will continue to accrue until the tax balance is paid in full. To avoid these penalties and interest charges, it is important to ensure timely payment of your state taxes in Nevada.