What Happens If You Miss Your Tax Deadline? - PowerPoint PPT Presentation

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What Happens If You Miss Your Tax Deadline?

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There can be multiple reasons for an individual or business owner not filing their taxes on time, and the following information seeks to show what might happen if you miss the deadline, irrespective of why you may have done so. However, the penalties that can occur when individuals miss their tax deadline, vary depending upon whether the taxes haven’t been filed, or they’ve been filed but not paid on time. – PowerPoint PPT presentation

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Title: What Happens If You Miss Your Tax Deadline?


1
What Happens If You Miss Your Tax Deadline?
2
  • There can be multiple reasons for an individual
    or business owner not filing their taxes on time,
    and the following information seeks to show what
    might happen if you miss the deadline,
    irrespective of why you may have done so.
    However, the penalties that can occur when
    individuals miss their tax deadline, vary
    depending upon whether the taxes havent been
    filed, or theyve been filed but not paid on
    time.
  • Not filing your taxes
  • This will get you a failure-to-file penalty, the
    cost of which is calculated at 5 of your unpaid
    taxes for every month that your tax return is
    late, and can reach up

3
  • to 25 Filing your taxes more than 60 days past
    the deadline will see you getting hit with a
    further fine of 135 at the minimum, or 100 of
    the taxes that you owe, depending upon which is
    lowest.
  • Filing your taxes but not paying them
  • The IRS will slap you with a failure-to-pay
    penalty, which is usually 0.5 of your unpaid
    taxes for every month in which you fail to pay,
    which can be up to 25. Your unpaid taxes will
    also be subject to interest, the rate if which is
    equal to the federal short-term rate, plus 3

4
  • To summarize, even if you are behind on your
    taxes only by a month or two, the penalties can
    quickly build up, particularly when you take fees
    and interest into account.
  • Missing your tax deadline may also see you
    missing out on a potential refund, too, and the
    IRS have stated that they have almost 1 billion
    in refunds that havent been claimed. Each refund
    is said to average around 700, which is a lot of
    money in most peoples eyes.
  • If youre unable to pay your taxes for any
    reason, you should still be sure to file them, as
    the penalty incurred for failing to file at all,
    is up to 10 times more than what you would be
    fined if you dont pay your taxes.

5
  • There are options available for those who are
    struggling to pay their taxes, one of which is a
    payment plan devised by the IRS to help you
    manage and resolve your debt.
  • Continue to ignore your taxes, either by not
    filing or not paying them in a timely manner, and
    the IRS may
  • Have the capacity to claim your property by
    filing a notice of a federal tax lien
  • Claim or seize your property
  • Force you to forfeit your refund

6
  • File charges against you for evading taxes
  • Revoke your passport
  • Whether you agree with having to pay your taxes
    or not, the reality is that you cannot escape
    paying them and if you do, then you certainly
    wont escape the penalties, which can be costly
    and wholly unnecessary. For more detailed help
    and guidance on how and when you should file your
    taxes, seek professional help and ensure that you
    never miss a deadline, never incur a penalty, and
    always stay on the right side of state and
    federal laws.

7
  • At Heyer Associates, we proactively assist our
    individual and small business clients in meeting
    their goals. Our key area of focus is ensuring
    that our clients remain compliant with federal
    and state tax laws by providing them with high
    quality accounting and tax service Coral Gables.
    If you are looking for individual tax preparation
    in Miami, Heyer Associates would be a right
    option.
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