We are close to the date for the payment of annual taxes and that is why it is necessary that you know the importance of doing it on time, its benefits and damages, pros and cons of not declaring them on the indicated date.
- Avoid additional penalties and interest.
- Prevent the loss of future repayments
- Protect your credit, if you do not pay your taxes or owe significant amounts to the IRS you may run the risk of being denied credit or a new loan.
Points to keep in mind if you do not file your taxes or file late.
- You run the risk of double penalties. One for filing late and the other for paying late.
- Late filing penalty – If you file after 60 days the penalty can range from 5% to 25% of the unpaid tax for the month. There is no penalty if the taxpayer is due a refund.
- Late payment penalty. May range from 0.5% per month and may accrue up to 25% of the unpaid tax.
- Combined penalty per month: 5% per month (for late filing and late payment).
- Taxpayers must file on time or request an extension, even if they are unable to pay.
Now you know the importance of filing and paying your taxes in a timely manner.
If you have problems to pay or do not know how to file your taxes you can ask for help to some tax payment service companies that will solve all your doubts like OPTIMUM TAX CONSULTANTS which is an expert company in these cases since they have professionals who work to achieve optimal financial and fiscal results for all our clients. You can check their website to contact them and make your appointment.
Don’t wait until the last minute, the sooner you file and pay, you avoid late filing fees and reduce potential penalties for non payment.