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How do Tax Penalties and Interest Work in New York State?

 

Penalties and interests, whether it’s IRS or New York state, is usually a percentage of what you owe. Another thing a lot of people don’t know is, if you don’t owe any taxes, you may not even have penalties to deal with. It’s just on file returns and you either do a refund or you don’t owe any money, you won’t be penalized. That’s why it’s all so important to get the return prepared, get it done, and then worry about the pay in planned penalty and interest later. It accrues of course by the day, and it’s a percentage of the tax you owe.

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