Putting off your taxes until it’s too late can be damaging.
Filing your taxes late can mean that you’ll owe even more money. Or, if you have a refund due, it can lessen how much you get back. Either way, you’re losing money.
If you owe money, filing late may result in significant penalties and interest charges. These extra charges can be from 5 to 25 percent of the amount you owe. You should always file your taxes whether you can pay them or not. You may be eligible for making an installment plan. Continuing to not file your taxes as well as avoiding requests from the IRS will have extremely negative consequences imposed on you by IRS enforcement agencies.
In the case that you are owed money, you will not be penalized for not filing. However, you’re giving up money that is yours. You have up to 3 years to file a claim and receive a refund. Once the third year has passed, that money is gone for ever.
If you’re filing late, we’ll help you make sure that you keep the money you owe to a minimum. A tax professional like us has years of experience dealing with the IRS as well as taxpayers unique situations.
Do you have the support you need to manage your small business bookkeeping?
Contact us to schedule an appointment to speak with a local small business advisor.