Better Late than Never…or Is It?

The IRS applies late penalties and interest on a case-by-case basis and will send a separate bill if penalties apply.  Because the IRS has the final word on penalties, I can't calculate the exact amount if your return is late, but I can supply some the info that will give you an idea of what to expect in certain scenarios.

Late filing penalties apply if you owe taxes and didn't file your return or extension by April 15, 2020.  In the case of interest, which is compounded daily, the late payment penalty is 0.5% of the additional tax owed amount for every month.  Interest starts accumulating on unpaid taxes one day after the due date of the return.

Maybe there is no good reason to file late (or at least properly apply for an extension).  Let’s find out together.  I am Las Vegas CPA and tax preparation professional Michael Mathews.  My office is located at the Lakes at 2620 Regatta Drive in the Northwest part of Vegas.  I serve the entire Valley.  Please call me at (702) 240 -5237.

What if I Simply Don’t Have the Money to Pay my Taxes Right Now?

Millions of Americans are faced with that dilemma this time of year as April 17th approaches.  If you cannot pay the full amount of taxes you owe, you should still file your return by the deadline and pay as much as you can to avoid penalties and interest.  You may also call the IRS and review your payment options or have a professional advise you.

The great news is that there may be some relief.  You could file a six-month extension in the filing of your tax return.  Penalties and interest still apply to the unpaid taxes.  You could also file on April the 15th (or before) and work out a reasonable installment agreement with Uncle Sam at that time.

Whatever you may be going through, Las Vegas tax accountant Michael Mathews understands.  He has helped many Las Vegas area residents through similar challenges throughout the years.  Michael is someone you can trust for tax preparation, retirement, or business start-ups.  Make an appointment at his office located at 2620 Regatta Dr. Suite 102 by calling (702) 240-5237.