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Things To Know About Penalty For Filing Taxes Late

Things To Know About Penalty For Filing Taxes Late

The season of filing taxes gives stress to a lot of people due to which they are not able to get it done on time. They get confused that whether they should contact the tax preparer or they should complete the filing on their own. When the date of filing taxes passes away, there are penalty for filing taxes late. 

As IRS does not leave you unless you file the taxes so you do have to face the penalties in order to file the taxes. If you are someone who has missed the deadline of April for filing taxes then know that it is time that you are ready for the penalty for filing taxes late. 

Help from Professionals 

You can always look out for the help from the professional tax preparer who will be filling out the forms for you correctly and they can help you coordinate well with the IRS department. As IRS likes to coordinate well with the professionals, they know that they contain all the necessary information required to file the taxes late. 

You have to be sure that you chose a qualified and professional tax preparer so that you do not have to regret later on when the taxes are not back on time. 

Get to know some of the penalty for filing taxes late so that you can avoid it next time and do not have to face the hassle of working out with IRS. You will have to face the penalties depending upon the nature of the case which you are filing and upon the income which you get so some of them may apply to you whereas others may not. 

Penalties to Face 

You can surely apply later on to pay off the taxes so do not think that you have missed the deadline and now you do not have the chances. You do owe taxes to IRS so make sure that you are on it as soon as you know that you have missed the deadline. 

The interest which you received additionally over the course of time, you have to keep the taxes aligned with it. The penalties do not let any of the interest rate get back on you when you receive the taxes back. So the payment options will be explored by you when you are working out through the payments of IRS which do not get missed as the time passes. 

Failure to Comply 

The taxes which are unpaid will be receiving on the rate of 5 percent upon the delay which you are going to receive on the due date. The percentage should be done through the taxes which are not paid on time and you have to recur the penalties from the date which has passed. As the time passes, there will be reductions on the basis of percentages as you keep on prolonging it. 

The failure to make the payment will have the unpaid taxes up to 1 percent of the time on each passing month. As you start missing the deadline, each day will count against you until you file it with making the payments which are up to the date of the penalties missed. You will have to get the directions from the tax preparer in order to find out the payments upon your case as it can be different for everyone. 

Payments 

The penalties have to be paid in the form of cheque or you can make the online payments if you are filing online. The percentage does not increase over 25 percent so make sure that you file them until two months’ time when you have missed the deadline of filing taxes on time. 

You do have to present a cause that why you missed the deadline for IRS to accept the taxes again. If you do not have the reasonable cause then there are chances that IRS will not be filing the taxes and you will not get the tax return again. So make sure that you have a good cause to explain that why you made it late so that it can be processed by IRS.

IRS is picky about the issues so you have to be wise about it and if you are not able to do it then make sure that you have the right person with you. A good and experienced tax preparer can guide you very well in this situation so make sure that you are able to get the returns of taxes on the basis of provisions over time. 


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