What is the Maryland Tax Filing Penalty?
Tax penalties vary from state to state. Maryland residents must pay taxes on delinquent payments or underestimated returns. If you live in Maryland, it is important to know the penalties you might face if you do not file and pay your taxes in on time.
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Time Frame
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According to the Comptroller of Maryland, the state sends you a notice in the mail if you failed to pay your taxes or paid less than you owe. However, if you ignore this first notice, the second notice charges a penalty and interest.
Identification
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The second notice--known as an assessment notice--is a legal document. The state may send your account to collections 30 days after you receive the notice.
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Significance
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According to the Comptroller of Maryland, penalties for delinquent taxes depend on how much you owe. The state charges at least 13 percent interest on the missing money. Interest calculations begin the date the money was due.
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References
- Photo Credit tax forms image by Chad McDermott from Fotolia.com
