Tuesday, April 19, 2011

If You Didn't File On Time, You Need to File ASAP

Well, yesterday was the official deadline for filing your 2010 taxes, just in case you didn’t realize… If you didn’t get your filing postmarked or e-filed by yesterday or if you didn’t file for an extension, you need to contact us right away so we can get your return prepared and sent in as soon as possible. Penalties for late filing of returns with money owed to the IRS are 5% for each month late up to 25% longer you wait to get your return in. Don’t procrastinate because with the IRS, things will only get worse! Here’s an excerpt from the IRS website explaining what happens if you don’t file your past due return or contact the IRS. http://www.irs.gov/businesses/small/article/0,,id=108330,00.html

• “Penalties and Interest will be assessed and will increase the amount of tax due.
• The IRS will file a substitute return for you. But this return is based only on information the IRS has from other sources. Thus, if the IRS prepares this substitute return, it will not include any additional exemptions or expenses you may be entitled to and may overstate your real tax liability.
• Once the tax is assessed the IRS will start the collection process, which can include placing a levy on wages or bank accounts or filing a federal tax lien against your property.
• Even if the IRS has already filed a substitute return, it still makes sense for you to file your own return to make sure you take advantage of all the exemptions, credits, and deductions you are allowed. The IRS will generally adjust your account to reflect the correct figures.”

There are additional penalties for Failure to Pay as well as Interest. Let us help you avoid the hassles described above, minimize your penalties and get your return filed ASAP.

If you have a refund due, you generally have three years to complete and submit your return. But, why wait if the IRS owes you money? Let us get your return prepared, e-filed and get that money into your bank account right away.

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