April 15th looms large for those who file their taxes. But, what happens if you file your taxes late? Sometimes, people are simply too busy to finish their taxes on time.
Filing Taxes Late
The Internal Revenue Service (IRS) wants to get its money. It figures that having one single day for individuals to pay their taxes should be easy to remember. Unfortunately, you might have a family emergency or simply panic because the tax manuals are too hard to understand.
That is why many individuals and businesses hire professionals for tax preparation in Palm Beach Gardens. These professionals know the law. They can complete your taxes in a timely manner to prevent penalties.
Unfortunately, the IRS can be very severe when it does not receive its money on time. It will start to assess late fees as of April 16th.
Can’t you make an appeal to the IRS, explaining why your taxes were not completed on time? Yes, you can write a letter to the IRS, but remember that they are busy processing tax forms. How long do you think it will be before they read your explanation?
If you request an extension, you must pay at least 90% of your taxes owed or you will face the failure-to-pay penalty. Of course, if you have not completed your tax forms, you really don’t know how much you owe, do you?
The IRS has determined that those who file their taxes late might be forced to pay a penalty of 100% of the unpaid taxes or $135 (whichever is less). This can be a very steep penalty. The IRS might also charge interest on these late tax payment penalties.
That is why some trust tax prep experts. These professionals can complete your taxes on time, so you are not penalized. Don’t raise the ire of the IRS.
You might not want to go it alone during tax season. Schedule a consultation with Vault Wealth Management by calling (561) 223-3252 and get your taxes prepared on time. Last-minute tax preparation can keep you out of deep trouble.