What are the consequences of not filing or paying my taxes on time?
Asked a year ago
Failure to file or pay taxes on time can result in various consequences imposed by the New Jersey Division of Taxation. Individuals who fail to file their taxes by the due date may be subject to penalties, which start at 5% of the unpaid tax amount and increase by 5% each month, up to a maximum of 25%. Additionally, interest is charged on any unpaid tax balance. If the Division determines that there was a willful attempt to evade paying taxes, criminal charges may be filed, potentially resulting in fines and even imprisonment. Liens may also be placed on a delinquent taxpayer's property and bank accounts, leading to further financial complications. It is crucial to fulfill tax obligations promptly to avoid these serious consequences.
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