Sometimes people have difficulties and they end up missing the tax filing deadline. This can lead to panic, especially if this is something you have never dealt with in the past. Before you drive yourself crazy worrying about what will happen to you in this type of situation, here are three helpful facts.
1. There Is A Five Percent Fee
For all of the months that you are past the deadline, you will be charged a five percent penalty fee. The clock starts the day after the national deadline. The only saving grace is the fact that the most you will be charged is 25% of the amount you owe, which means that you do not have to worry about the amount multiplying to astronomical proportions.
2. More Fees Occur If You Miss The 2nd Deadline
Once you are aware that you cannot pay your taxes on time, you can ask for an extension. This will give you six months to file and avoid any additional legal issues. In the event that you miss this deadline, there will be additional fees added. If you are more than 60 days late, you will be charged 100% of the amount due or $135; whichever is lower.
3. You Can Avoid Fees
If you can prove that there is a reasonable cause for your late filing, it is possible to walk away without paying any more than you owed in the first place. Your reason will have to be something more compelling than the fact it slipped your mind.
Filing taxes late in Columbus OH location can be frightening to those who are not aware of what happens afterward. Now you will know what to expect if you are ever unfortunate to find yourself in this situation at some point in the future.
- Domestic violence in a military marriage July 14, 2018 On behalf of Law Office of Kristen L. Campbell, LLC
- Do you need to add a forensic accountant to your legal team? July 8, 2018 On behalf of Law Office of Kristen L. Campbell, LLC
- Challenges in facing a military divorce July 5, 2018 On behalf of Law Office of Kristen L. Campbell, LLC