Forget to File Your Taxes?

Late Taxes Can Impact Your Future Plans!

Whether it’s intentional or just a mistake, filing your taxes late can have serious consequences. At IRS Fresh Start, we can take care of your unfiled returns and keep the IRS off your back.

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What Happens if You File Taxes Late?

Filing taxes is an important responsibility that every citizen must fulfill. Life, however, can sometimes get in the way.

If you forget to file or you file your taxes late, the IRS will submit a return on your behalf. This is known as a Substitute for Return (SFR). Unfortunately, they won’t include any tax deductions or credits you may be eligible to claim, which could lead to a smaller refund or a higher tax bill.

If you are due money, filing late may also result in a delayed refund. The IRS prioritizes timely filed returns, so it’s best to file as soon as possible to receive your refund promptly.

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Consequences of Filing Late Taxes

Filing your taxes late can have serious consequences that go beyond a simple slap on the wrist.

Interest Fees

Penalties

In addition to interest charges, there are various penalties the IRS can assess for filing your taxes late.

Failure-to-File Penalty. This is typically 5% of the taxes owed for each month your return is late, up to a maximum of 25% If your return is more than 60 days overdue, there’s a minimum penalty of $450 or 100% of the taxes owed (whichever is less).
Failure-to-Pay Penalty. You will be charged .05% per month on the amount that remains unpaid. If you’re issued a Notice of Intent to Levy, it increases to 1% if your taxes aren’t paid within 10 days.

Tax Liens & Levies

Once the IRS sends you a bill for the taxes owed on your late returns, the clock starts ticking. If you continue to ignore payment requests, the IRS may place a lien on your property, which can make it difficult for you to obtain loans and other credit.

Additionally. they may levy your wages (wage garnishment) or your bank accounts. They can also seize other assets (retirement accounts and property) to satisfy your tax debt.

If you’re unable to meet the tax filing or payment deadline, it’s important to be proactive. Applying for a payment plan can help reduce certain penalty fees and help you avoid more severe collection actions. To learn more about your tax relief options, speak to a tax consultant today!

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