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 Gilbert 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 Gilbert.
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 Gilbert 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 Gilbert tax services.
Get back in good standing with the IRS
Paramount Tax & Accounting Gilbert can help you file late tax returns in Gilbert and navigate your options if you are faced with penalties. Contact our accounting firm in Gilbert for a free consultation to help file taxes late in Gilbert .
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Timing, accuracy, and necessity are key factors when it comes to filing a late tax return. Paramount Tax & Accounting Gilbert can assist you from start to finish.
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