Consequences of Filing Taxes Late
No one really looks forward to tax season. In fact, this time of year often causes people to feel stressed out, anxious, and frustrated. Burdened with overwhelming amounts of paperwork and trying to sort through the confusing and complex documentation associated with tax season can be disruptive and annoying, and it can easily lead people to filing their tax forms late. Unfortunately, there are often consequences associated with a late tax filing, which only adds to a person’s distress.
Possible Consequences Not Filing Your Taxes In-Time
There can be any number of consequences that might occur when a person files his or her taxes late. Some of these consequences might include:
- Financial penalty (usually 5%) for Late Filing
- Financial penalty for Failure to File (increases incrementally)
- Absence of Usual Deductions (IRS prepares taxes without allowing deductions)
These consequences can make tax season even more stressful. Even though many people simply lack the time or resources to complete their tax forms on time, the IRS can be unforgiving if a person files late. This is another reason that you should trust your tax needs to an expert tax professional, such as those with The Accounting People.
Discuss Taxes with an Accounting Professional Today
If you need help filing your tax forms and getting them in on time, enlist the support of a professional accountant by getting in touch with The Accounting People. Fill out the contact form on this page and someone who can help you should be in touch soon.