Pumpkin patch’s are in full swing, the air is a little brisk, and your budget meeting this month included a discussion about Christmas being around the corner. Then it hit you, October 15th is near!
If you filed for a tax return extension in April, then it is time to get busy and have your return filed by October 15th. If you miss the filing on the 15th you will incur additional fees and make your liability to the Internal Revenue Service much larger.
You may owe the IRS and you are delaying the inevitable, but the reality is this the one debt you need to take care of as soon as possible. Your other debts will take months of letters, threats from collectors and legal action before a garnishment can be made. The IRS, however, can use their power to garnish your wages because of the tax debt that you owe. This garnishment is typically between 30 and 70 percent of each of your paychecks.
Additionally, failure to file your tax return by the 15th may be construed as a criminal act by the IRS and punishable by one year in jail and $10,000 for each year not filed. That my friend is a pretty hefty fine and it is time to get the return filed!
As we work with our clients, we often talk about the worst possible situation is not to face the inevitable. The IRS is not going away and you will not slip through the cracks. You want to file your taxes so you don’t take on the additional penalties and fines.
Please contact your local income tax preparation office to get those returns filed!
Disclaimer: Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.