Friday, February 20, 2009

IRS Penalties

It won’t be long before April 15th is here. As almost everyone knows this is the deadline to file your federal income tax return. It is very important to file your returns by this date! If not then the IRS will assess a failure to file penalty against you.

Likewise if you fail to file by April 15th and you owe the IRS money and don’t pay then the IRS will assess a failure to pay penalty against you.

These penalties can be quite significant. I work in the tax resolution field and I see this problem with people all the time. My only word of advice is this…FILE YOUR TAX RETURNS ON TIME and pay whatever amount you owe BY APRIL 15th! You will save yourself a lot of money and a lot of headache!

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