April 15th is the annual tax filing date for Americans to file their federal income tax return forms or pay any taxes that they may owe. Filing a federal tax income return late or failing to pay a tax return on a timely basis could result in serious consequences.
According to the Internal Revenue Service (IRS) tax law, penalties for filing or paying late could include:
Penalty fees for failure to file or pay - penalties for failure to file are generally more costly than penalties for failure to pay
The penalty for filing late is typically 5% of the unpaid taxes for each month that a return is late
Penalties begin to accrue the day after a tax return file is due
If you do not pay your taxes by April 15th, you will face a failure-to-pay penalty at 0.5% of your unpaid taxes
If you file your return more than 60 days after the due date, the minimum penalty could either be $135 or 100% of the unpaid tax, whichever is smaller
If you feel as though you will be late on filing or paying for your tax return, it is wise that you consult with us. We can help notify the IRS if you need an extension of time to file or pay your tax return. Instead of paying penalties, it is much more economical and safer for your finances to ask for help.
At L&S, Tax Help Pro's, We believe that even the most complicated tax return problems can be straightened out. I understand that accidents happen and that the unexpected could shake even the most financially stable taxpayer. If you are experiencing financial hardship or strain, I highly encourage you to enlist the help of a professional before your tax problems slip out of control.
Even individuals who feel as though they are facing the impossible can benefit greatly by coming to my office. Our job is not to judge how you got into your current financial situation. Our job is to help provide honest and trustworthy tax services that can give you present tax relief and future financial freedom. We can help you quickly locate the necessary missing information needed to properly file any back taxes owed while effectively helping you apply for tax deductions that can greatly reduce your tax responsibility. We can be trusted to file your past returns with the IRS, which can square your debts away with the IRS once and for all! Give us a call today.