TAX CUNSULTATION

Consequences of not filing your taxes on time

If you missed the tax return deadline, you are not alone. According to the IRS, as of March 2017, over 1.1 million tax returns were still not filed. That’s a lot of people who are going to have to face the consequences for not filing on time.

One of the biggest consequences of not filing your taxes on time is that you will be charged a late filing penalty. This penalty is 5% of your unpaid taxes for every month, or part of a month, that your return is late. This can add up quickly, so it is important to try to file your return as soon as possible.

Another consequence of not filing your taxes on time is that you may not be eligible for some tax benefits. For example, if you miss the deadline for filing your taxes, you may lose out on the Earned Income Tax Credit. This credit can be worth up to $6,000 depending on your income and family size.

So what can you do if you missed the tax return deadline? The best thing to do is to file your return as soon as possible and pay any penalties and interest that may apply. You may also want to consider getting help from one of the tax professionals at A Tax Defense and Accounting to make sure that you are doing everything correctly.

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