Missed the Tax Filing Deadline?
If you have missed the IRS tax filing deadline without filing an extension, you need to file as soon as possible before the IRS files for you. If you fail to file, the IRS can file a substitute return for you. Unlike a Manhattan tax return preparer, the IRS that won’t include credits or deductions that could help reduce the amount you owe or maximize your return.
Should I file for a tax extension
If you need more time to file your taxes you can file for an extension BEFORE the deadline, an extension is good for an additional 6 months and eliminates the failure-to-file penalty. An extension does not, however, give you an extension of time to pay taxes owed and you will be asked to estimate how much you're going to owe the IRS. The unpaid balance with accrue interest and penalties, however these penalties are far less than the ones for not filing at all.
Late filing fees if you owe taxes.
If you do not file taxes by the deadline, you may face a failure-to-file penalty. If you do not pay taxes owed by the deadline you may have to pay a failure-to-pay penalty which is generally less severe than a failure-to-file penalty as the IRS will work with if you are struggling to pay taxes owed on time. The failure-to-file penalty, however is usually 5 percent of the unpaid taxes for each month or part of a month that a tax return is late. That penalty starts accruing the day after the tax filing due date and will not exceed 25 percent of your unpaid taxes.
You will not have to pay a late-filing or late-payment penalty if you can show reasonable cause for not filing or paying on time but it is not guaranteed that the IRS will grant your request.
Late Fees if you are Getting a Refund
If you are owed a refund, there is no penalty for filing your tax return late, even without an extension as the penalty for filing late is a percentage of the tax owed. Just remember that you don’t get your tax return until you file.
Get back in good standing with the IRS
Paramount Tax & Accounting Flint Hills can help you file late tax returns in Manhattan and navigate your options if you are faced with penalties. Contact our accounting firm in Manhattan for a free consultation to help file taxes late in Manhattan.
Late return review
Timing, accuracy, and necessity are key factors when it comes to filing a late tax return. Paramount Tax & Accounting Flint Hills can assist you from start to finish.
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Free 3-Year Tax Review
We review 3 years back to find errors / missed deductions.
Paramount Experience
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 Flint Hills, 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 Manhattan. So when you ask yourself, "Where can I find accounting services near me?"... think no further than Paramount Tax & Accounting Flint Hills!
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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 Flint Hills a call or visit our tax and accounting firm in Manhattan for a free consultation.
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Through dedication to the three underlying principles of professionalism, responsiveness and quality, Paramount is committed to providing outstanding service to our clients.
