Filing your taxes late can lead to a lot of problems that you do not want to have. One unavoidable problem will be penalties that you will be required to pay and also interest fees that will accrue the longer you wait.
The penalties and interest rates depend on how late you file and the type of return that you file. The IRS reminds us that there are two main types of returns: 1) an original return, or 2) a tax return made because of an individual’s death.
A person interested in filing their taxes late should know about the following:
The interest rate is calculated on a daily basis, meaning that the longer you wait to file your taxes, the more you will be charged.
Interest rates are calculated on a daily basis; this means that the longer you wait to file your taxes, the more you will be charged.
You can avoid all of this, if you make it a priority to file you taxes on time. But when you do make sure that you have the right tax preparer. One tax preparer that we highly recommend is Ingramtaxes.com. Ingram Taxes will guide you step by step through the process, and also provide you with a virtual assistant if you may have any questions.