Taxes are a big responsibility when it comes to handling them on our own. Whether you are a single parent, a small business owner, or simply a citizen, you must know the basics that prevent you from paying fines and penalties. We understand that life can get busy and missing out on paying taxes can make things stressful for you. If you are asking yourself this question- “What happens if I pay my taxes late?” We are here to help you. Do not panic but don’t even delay it further. Get in touch with the best tax and bookkeeping services in Prince George’s County and all your needs will be met. From payroll services to IRS resolution, from taxing individuals and businesses to tax credits, we can do it all for you.
The IRS sets a filing deadline every year, which is usually around the 15 th of April. If you do not file it then and haven’t asked for an extension, the IRS considers your return late. Each solution is handled differently, whether you owe money to the IRS or the IRS owes you a refund.
When you owe money and do not file on time, the IRS is liable to charge you two types of penalties. Failure to The fine penalty is the bigger penalty, which is 5% of the unpaid taxes of each month. It can become up to a maximum of 25%. For example, if you owe 1000 dollars and file three months late, then you are liable to a penalty of 150 dollars.
In this case, it is mostly good news. When the IRS owes you a refund, and you do not file on time, there is no penalty. However, you only have 3 years to claim that refund. If you do not file your taxes in 2022 for the year 2021, you have time until April 15,2025 to file and get that money back.
If you continue to ignore your tax responsibilities, the consequences can get worse. It can lead to a big dispute that can garnish your wages, put a lien on your property and even freeze your bank account. Do not let it get to this point and please remedy the situation instantly. It can otherwise damage your credit and financial future.
Do not fret and fume when you have a trustworthy company by your side. Professional tax-keeping services like It’s Tax Time can make the process easier for you. Here is what we can do to help you:
No matter what your problem may be, we will surely have a solution to it. Get in touch with us now and make your life easy. We are waiting to help you.
