Tax Procrastinator

tax tip

Tax day (April 15) has come and gone.  If you didn’t file or forgot to file your income tax return, you may be hit with a few penalties.  The failure to file penalty is assessed when a taxpayer does not file a return or request an extension by April 15.  The penalty is usually 5% of the unpaid taxes for each month the tax return is late.  The failure to pay penalty i s assessed when a taxpayer does not pay their tax bill in full by April 15.  The failure to pay penalty is usually .5% of the unpaid taxes for each month the payment is late.  However, under certain circumstances, you may be able to avoid the penalties.  The lesson here is send the IRS some money, before April 15, even if you have not filed yet so that you can avoid or decrease one of these penalties.  Also, if you know you cannot file by April 15, file an extension request.  If you have not filed all of your tax returns, feel free to contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.

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