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 Woodland Hills 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 - Woodland Hills can help you file late tax returns in Woodland Hills and navigate your options if you are faced with penalties. Contact our accountingbookkeeping firm in Woodland Hills for a free consultation to help file taxes late in Woodland Hills.
Timing, accuracy, and necessity are key factors when it comes to filing a late tax return. Paramount Tax & Accounting - Woodland Hills can assist you from start to finish.
I am really really happy with the result and professionalism of Paramount Tax and Accounting Team. I highly recommend this place for filling your taxes and for your accounting needs.
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— KingVarian III,
Posted April 16th 2023 on google
It’s was a pleasure working with Albert with my taxes and made sure I did not miss anything. My last tax person just asked for my tax forms and personal information without asking more than that. With Albert really asking me lots of questions, I was able to file all my tax documents including the ones that I had forg...
Albert is extremely knowledgeable about tax laws and regulations, and he takes the time to explain everything in great detail. He always provides me with a clear and concise breakdown of my options, and goes above and beyond to help me find ways to save money on taxes or plan for them in the most effective way possible...
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 accountingbookkeeping firm, such as Paramount Tax & Accounting - Woodland Hills, is that our firm utilizes the services of CPAs, EAs, and Attorneys who are distinguished from other finance professionals by stringent qualification and licensing requirements.
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