What happens if I don't file or pay my state taxes on time?
If you fail to file or pay your state taxes on time, you may face penalties and fines. The New York State Department of Taxation and Finance imposes a late filing penalty of 5% of the unpaid tax amount for each month the return is late, up to a maximum of 25%. Additionally, interest accrues on the unpaid tax at a rate set by law. Failure to pay your taxes on time can result in a penalty of 0.5% per month, up to a maximum of 25%. Both penalties and interest can quickly accumulate, making it essential to file and pay your taxes promptly. Moreover, non-compliance may also lead to other consequences such as potential tax liens, levies, or even legal actions taken against you by the department.
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