Tax Relief with Logan Allec, CPA
Do you owe back taxes to the IRS or your state government or have unfiled tax returns? Then this is the podcast for you! Every Monday, Wednesday, and Friday, Logan Allec, CPA — owner of A+ BBB-accredited tax resolution firm Choice Tax Relief — explains exactly how to get tax relief for your back tax debt. Would you like a FREE tax relief consultation with Logan's company, Choice Tax Relief? Schedule your consultation now by calling 866-8000-TAX!
Tax Relief with Logan Allec, CPA
What Happens If You File Taxes Late?
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If you file your taxes late, you will have to deal with three problems:
- The IRS failure-to-file penalty (equal to 5% of the balance due on the return for every month or part of a month the return is late, up to a maximum of 25%)
- The IRS failure-to-pay penalty (equal to 0.5% of the balance due on the return for every month or part of a month the tax is unpaid, up to a maximum of 25%)
- IRS interest charges
Arguably the worst of these problems is the IRS failure-to-file penalty, which you can avoid by filing an extension as I describe here: • Who Is Required to File a Tax Return? Mini...