Late Tax Filing 2020
Did you forget to file your taxes for 2020? Maybe you’re hoping the IRS didn’t notice, or you keep telling yourself you will get to it when you have the time. Unfortunately, unfiled taxes are a situation that only gets worse the longer they go ignored. In order to avoid fines or an investigation by the IRS, it is best to be up-to-date with all of your taxes. But don’t worry if you are behind - Paramount Tax’s Columbia / Ellicott City tax advisers, can help you file your overdue and/or unfiled taxes.
If you were owed a refund on your 2020 taxes:
Fortunately, you still have a chance to collect your refund! You cannot receive your refund until you file, however, and the deadline for collecting your refund is 3 years, so the sooner you file the better. While you won’t face any penalties for filing late when you don’t owe, you should always file and pay your taxes on time to remain in good standing with the IRS.
If you owe the IRS money and you haven’t filed:
You will be charged a 5% failure-to-file fine, up to 25% of your total taxes owed. Then the IRS could file a return for you - which means you will lose out on any returns or tax credits you may be owed. If you still fail to pay, you will start accruing an additional failure-to-pay fine. Eventually the IRS will begin debt collection and could seize your property or freeze your bank accounts. If you owe money on unfiled 2020 taxes, then you should consider speaking with a qualified tax adviser in Columbia / Ellicott City.
The accountants of Paramount Tax are experienced with late tax filing and we can assist you in preparing and filing your late 2020 taxes. We can help you set up a payment plan, file your overdue taxes, and get you back in good standing with the IRS. After reconciling your debts and filing your late taxes, we can assist you with other Columbia / Ellicott City tax services like tax preparation to avoid late filing in the future.
Don’t worry if you are searching for “2020 late tax filing.” Tax season can be confusing and stressful and it is easy to get behind in filing and paying taxes. Paramount Tax is here to guide you through the 2020 late tax filing process and to answer any questions you may have. As long as you are upfront with the IRS about your situation it is easy to get your record back on track. Contact us today to schedule your free consultation and to learn more about our Columbia / Ellicott City tax services.
Get back in good standing with the IRS
Paramount Tax & Accounting Columbia can help you file late tax returns in Columbia / Ellicott City and navigate your options if you are faced with penalties. Contact our accounting firm in Columbia / Ellicott City for a free consultation to help file taxes late in Columbia / Ellicott City .
Late return review
Timing, accuracy, and necessity are key factors when it comes to filing a late tax return. Paramount Tax & Accounting Columbia can assist you from start to finish.
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We review 3 years back to find errors / missed deductions.
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Many people do not know how a professional tax firm differs from a tax preparer. The main difference when working with a professional tax and accounting firm, such as Paramount Tax & Accounting Columbia, is that our firm utilizes the services of licensed professionals.
Paramount has worked hard to create relationships to deliver the value that our clients expect. In fact, our goal is to be the No. 1 firm in Columbia / Ellicott City. So when you ask yourself, "Where can I find accounting services near me?"... think no further than Paramount Tax & Accounting Columbia!
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Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accounting firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accounting firm utilizes licensed professionals, who can not only advise individuals on personal financial matters but who are qualified to advise businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial topics. Our strict standards ensure that we understand the complicated tax laws and how to implement strategies that return the most benefits to individuals and businesses. Give Paramount Tax & Accounting Columbia a call or visit our tax and accounting firm in Columbia / Ellicott City for a free consultation.
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