IRS penalties
Okay kiddo, do you remember when we talked about money and how important it is to pay our taxes? Well, when we don't pay our taxes on time, the IRS (that's like the government's money people) can charge us something called a penalty.
Think of it like a timeout, but for grown-ups and their money. If we don't follow the tax rules, the IRS can give us a timeout by taking some of our money away.
There are different types of penalties depending on what we did wrong. For example, if we didn't file our taxes on time, the IRS can charge us a penalty for being late. Or if we didn't pay the full amount of taxes we owe by the deadline, we might have to pay a penalty for not paying enough.
The penalties can add up and make it even harder for us to pay our taxes in the future, so it's really important to always try to follow the tax rules and pay what we owe on time.
Think of it like a timeout, but for grown-ups and their money. If we don't follow the tax rules, the IRS can give us a timeout by taking some of our money away.
There are different types of penalties depending on what we did wrong. For example, if we didn't file our taxes on time, the IRS can charge us a penalty for being late. Or if we didn't pay the full amount of taxes we owe by the deadline, we might have to pay a penalty for not paying enough.
The penalties can add up and make it even harder for us to pay our taxes in the future, so it's really important to always try to follow the tax rules and pay what we owe on time.