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Farrar Financial Group’s Late Tax Filing

The law is clear: federal taxes are due on April 15th, every year. Anything filed later is considered a late tax return. While there is usually leeway of a couple of days before the IRS gets concerned, it’s a load off your shoulders to know your taxes are in well before this date. If you haven’t gotten to that level of planning, then you’re one of the many Americans who file their taxes late every year. While this is a big problem, and if left unchecked can lead to significant financial penalties down the line, it’s a relatively simple problem to fix.

The friendly tax specialists of Farrar Financial Group can help you get caught up on your late taxes—and help you make sure you never file late again. Contact us now at (770) 789-3000 for more information.

Let Farrar Financial Group Take the Stress of Your Late Tax File Off your Mind

Late taxes are a problem that should be taken seriously, but it doesn’t have to be a disaster. With the right guidance and resources, you can get caught up on your late taxes much quicker than you could all on your own. For a breakdown of exactly how we can help you manage your late tax filing, get in touch with us to make an appointment with one of our many knowledgable and professional tax specialists.

What is the Penalty for Late Taxes?

Taxes are late after the 15th of April, but the IRS will not charge you a fine if you file within 60 days of that date. As soon as those 60 days are up, the fine is automatically $135 or an amount of the unpaid taxes. There are different penalties for failing to file than failing to pay (which means filing your paperwork, but not paying the taxes owed).

The late filing penalty is usually 5% of the unpaid taxes for each month (or part of a month) that the tax return is late. This means that if you are late to file by one day, you owe 5% of your unpaid taxes. If you are late to file by 29 days, you owe 5% of your unpaid taxes. If you are late to file by 32 days, you owe that original 5% plus an additional 5%.

How Can I Avoid a Tax Penalty Even if I’ve Missed the Deadline?

It is possible to file taxes late and not pay a penalty: you can request an extension on your filing time if you plan long ahead and are in good standing with the IRS. You can also avoid a penalty if you show “reasonable cause” for not filing or paying on time. For details about what constitutes reasonable cause, and how you can prove it to the IRS, make an appointment with our tax filing experts today.

Contact Us today for Expert Help With Your Late Tax Return

Taxes get filed late for all sorts of reasons. Eliminate the stress of potential late tax return penalties and contact the experts who can help you now.

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