Late Filing Taxes
Being late filing taxes is more common that you may think.
Tax deadlines can sneak up on you and disappear like a thief in the night, so you need to take whatever is necessary to stay on top of it.
Here at GLG Accounting, we’ve had many clients come to us when this happens. They want to take advantage of every opportunity to stay in compliance with current tax regulations. Here’s a brief overview of what you need to know.
The Importance of Accurate Accounting
Any money coming in and going out should be accounted for. That’s why you need to keep accurate records. Keep track of every expense, as well as any receipts with which they are associated. If you don’t have a detailed log, you need to find your 1099’s, W2’s, and receipts to help you put together the needed documentation.
The IRS expects you to document everything, especially when you’re late filing taxes. If you haven’t kept track of your income, they won’t be able to get an accurate calculation of how much you owe. You could end up overpaying the IRS, and it could be more than you can afford. That’s why it’s important to have an accurate accounting system.
Working with the IRS is Far from Impossible
The purpose of the IRS is to collect any money that the government needs to operate, and there are times when it can seem impossible to work it out with them. That’s why you need to read between the lines.
People who say that it isn’t possible don’t know about the inner workings of the IRS, and there are certain measures you can take to reduce your tax liability. Be sure to speak to a CPA to see what your options are.
Possible Penalties for Late Filing Taxes
There will come a time when extra fees will be added to your tax bill. This is a normal process for the IRS, because they’re trying to collect as much money as they can. Knowing how to prevent these charges is the first step in paying off your overdue tax bill.
Here are some of the possible penalties that can be charged to your account:
- A penalty for not filing by the deadline
- A penalty for not making a payment by the due date
- Added interest until the amount is greater than what you owe
The IRS can hit you hard if you’re late filing taxes, but you can prevent it if you make a payment when it’s due. If you’re not able to do so, be sure to ask for an extension to keep from getting charged.
The Benefits of a Trusted Accountant
Accountants may live and breathe numbers, but they’re also experts in dealing with the IRS. Having an accountant with a proven track record is the key to keeping your books together, and it can also help you navigate the rough waters of the IRS.
You don’t have to get an accountant, but it’s still the most viable solution for people who are late filing taxes.
If you decide to do it yourself, make sure you have a thorough understanding of current tax regulations. That, of course, can be a challenge. So, having a tax professional has many benefits.
The Time Is Now to Take Action
You don’t want to hire any CPA firm. You need one that has the experience and track record to help you get results. Here at GLG Accounting, we’re guided by a former IRS employee who makes sure our team has a complete understanding of the tax system.
We stay continuously updated on the latest changes in the world of taxation, and we look for ways to run our business more effectively. This is what sets us apart from the competition.
We would love to hear from you, and we would love to show you all the options we have available. We’re here to help as many people as possible, and we want to make sure our clients aren’t late filing taxes.
If you want to get the most out of tax time, get in touch with us today!