We know, no one likes to file their taxes. From all of the tedious paperwork to calculating your income, there is simply nothing fun about any of it. But you know that saying, the only things certain in life are death and taxes. There’s just no way around it. Eventually, you are going to have to take care of your tax debt with Uncle Sam. But, we also know that sometimes life gets in the way and you don’t always get around to filing your tax return. Today, we are going to take a look at just what can happen if your fail to file your taxes.
This is the first thing that will happen if you don’t file your taxes. Not only may you start to accrue tax debt for money owed, but you will also start to incur late fees. Just how much can these fees add up to?
Typically, the IRS will start to charge you 5% of what you owe. The problem is, that this can compound. That 5% is for each month your debt goes unpaid. The IRS is ready to take up to 25% of the maximum amount you owe. And remember, that doesn’t count the amount that you originally owed. Yes, you still have to pay that amount too.
But Wait! Maybe You Won’t Have to Pay
Maybe you won’t have to pay penalties, that is. Don’t get too excited. You’ll still have to pay your taxes. There is a loophole that tax resolution services can help you with. Have you ever been late or failed to file your taxes before? If not, you may qualify for a first-time penalty abatement. This means that since you have never had a problem before, the IRS will waive your first fine. But unless you file and pay your taxes immediately after, the penalties will keep on coming. Be sure to enlist professional tax debt services to help you apply for an abatement.
Mark Your Calendars
Due to COVID-19, tax schedules have been revised this year. While you may have gotten a little reprieve, even in a pandemic, the IRS expects you to file and pay your taxes. It is vital that you mark your calendars and keep track of any and all tax filing dates that apply to you. Failure to do so, could have you reeling in those pesky late fees.
When you search for tax relief companies near you, Ideal Tax Solution just might come up. That’s because we are specialists in solving any tax problem, for anyone. When you need tax relief help, you should enlist the help of a tax relief specialist. At Ideal Tax Solution, we are just the people you need. If you have failed to file your taxes, we will help you get right side up with Uncle Sam. Maybe you’ll even qualify for the first-time penalty abatement. Contact us now to see just how we can help you with your tax debt today!
We provide professional guidance to people whose lives have been affected by tax problems. To evaluate your specific tax issue and determine if you qualify for tax relief, please contact us for a free consultation.
The content of this post is not intended to replace the advice of a licensed tax professional. Consult a qualified tax professional for questions specific to your individual circumstances.