If there’s one thing the IRS is serious about, it’s taxpayers meeting its deadlines. If you want to avoid getting hit with tax fines and penalties, you’ll need to strive to file your paperwork and submit any owed payments on time. The tax penalty for late filing is 5% of the unpaid tax for each month (or part of a month) the return is late, not to exceed five months. The penalty for failure to pay on time, meanwhile, is 0.5% of the unpaid tax for each month (or part of a month) the tax is unpaid. Since the failure-to-file penalty is higher than the failure-to-pay penalty, it’s always important to submit your tax return on time, even if you aren’t currently able to pay what you owe.
Need help getting everything together in a timely fashion? Taxation Solutions, Inc. is Cincinnati’s experienced choice for all sorts of tax help. We specialize in tax resolution for particularly tough cases. If you already have tax penalties on your account, we can help you keep them from getting worse by promptly resolving the issue that’s affecting your case. We’re committed to helping each and every client enjoy IRS tax relief.
Ready to learn more? Call now to book your initial consultation!