Many people don’t realize that the IRS charges a penalty of up to 25% just for filing your tax return late. That’s right; you will get hit with an additional 25% of what you owe if you miss the deadline for filing individual tax returns. It’s even worse for payroll tax returns.
What most people don’t know is that you can file ANY tax return on time and AVOID THE 25% penalty even if you don’t send in the money that is owed on the return.
We see so many people who could have saved THOUSANDS OF DOLLARS on penalties if they just knew this one thing. So in the future no matter what is going on in your life, file all tax returns on time even if you don’t send in the money owed with the return. Yes, of course, you’ll get an ugly letter from the IRS for not sending in the money owed but, so what, that will eventually happen anyway. This way you will have avoided a 25% penalty!
If you are received an IRS Notice LT11 or another IRS letter, contact us today for assistance!