Sometimes we wish that, when we don’t file our taxes they will magically go away, even though we know this is the furthest thing from the truth. It actually will cause us to be charged with interest of late penalties. Here are some of the late penalties that we will be charge with one is call failure to pay and the other is called failure to file .Below I will elaborate on the specifics .
If you file your taxe, but do not pay your taxes this is called failure to pay which is .05% or up to 25% of the taxes you owe per month (plus the regular taxes you owe) until you make a payment. if you don’t file your taxes you be charge with failure to file ( which is a completely different interest of failure to pay) failure to file percentage is 5% of what you owe on your taxes per month plus failure to pay penalty interest which is of up to 25% per month and this does not include your regular taxes owed . Failure to file penalty interest goes up to 5 months, but failure to pay penalty interest is continuous.
If you can’t pay your taxes upfront still file your taxes and set up a payment arrangements. Another options is that you can file an extension to file which will go up to October then hopefully that will give you enough time to save money to assist with payments. If you have a reasonable cause for failure to pay on time you won’t have to pay late fees be sure to consult a tax professional the guidelines.
If you have any question get with a Brown Tax Service representative and they will be able to access your tax situation. You may even qualify for tax credits and deductions that may minimize what you owe or help you not owe anything at y’all. If you are already late with filing taxes then Brown tax service will be able to help with accessing your case to see if you qualify for not having to pay latepenalties So contact Brown Tax Service at 816-588-9031 or via email at firstname.lastname@example.org.