Tag Archives: penalties

How Likely Is It I’ll Get Audited?

Believe it or not, the IRS does actually audit a significant number of returns. The common rumor is that the IRS audits fewer returns than you might think. However, the IRS generally audits tax returns six times more than is reported. The IRS reports auditing roughly a million taxpayers every year, (approximately 0.7% of all […]

Why Filing on Time Is Important

It’s April 15th and you just realized you forgot to file your tax return. Now what? Well. For starters, you should file your return as soon as possible. The less late it is, the better, as you’ll incur less penalties and interest if you owe taxes. It really depends on how much you owe, as […]

So you owe the IRS? Most taxpayers have been there, done that. But what happens if you owe taxes and don’t have any money to cover what you owe? First, you need to not panic. There are options, but before you get to them, you have to ensure you file your return. If you don’t […]

Unable to Pay? Here Are Your Options!

Do you owe taxes but are having a hard time paying the IRS? Are you unable to pay anything at all? If so, you have two options: request a temporary delay in collections, or apply for an Offer in Compromise. However, these options are only available if: There is reason to believe the amount you […]

Late Filing and Payment Penalties

For most taxpayers, April 15th is the due date for filing your tax return. You won’t incur a penalty if you file your return later than the due date if you’re only owed a refund. However, if you owe money, and you don’t file (or pay) on time, you will incur late charges and interest […]