It goes without saying that purposefully committing fraud or misrepresenting income and assets will incur a hefty IRS tax penalty when discovered. However, misinformation, honest errors, unfamiliarity with tax laws, and filing taxes even one day late can result in a stiff IRS tax penalty for even the most well intentioned of taxpayers.
What's the easiest way to avoid having to pay an IRS tax penalty? First, make sure that you enlist the help of a qualified tax professional to help you file your taxes. Accountants, tax services, and especially taxation law firms are more familiar with IRS tax law and are less likely than you or a computer program to make errors when filing your taxes.
The IRS tax penalty for a "frivolous return," or a tax return with insufficient information, is $500! You could owe an extra 20% of taxes if you inaccurately report that you owe less than do, even if you had no ulterior motive and paid the amount you thought you owed.
Second, if you want to avoid an IRS tax penalty, leave yourself plenty of time before your tax due date. You have three and a half months in the year before April 15th, so avoid an IRS tax penalty on late filing of an extra 5% of your taxes owed by filing weeks, if not months, in advance.
Avoid an IRS tax penalty on late tax payments that starts at an extra .5% and increases each month thereafter by working with an accountant who will alert you of each payment due date weeks before it's due. Many taxpayers are required to make estimated income, property, or other tax payments on a quarterly basis. If you don't want an IRS tax penalty for late payment, know your due dates and make plans to set aside enough money each week to make those payments on time!
Make sure that you have all of the correct paperwork and you double check everything before you send in your tax return if you want to avoid an IRS tax penalty. If you fail to include your payee statements or include your social security number, for example, you could be fined an extra $50-100 and you will face another IRS tax penalty if you need to correct your tax return after you've already sent it in and you don't catch the mistake.
What do you do if you're already faced with an IRS tax penalty? If the IRS tax penalty is for a mistake that you did not mean to make, you may be able to write an appeal to the IRS and admit your error, pay the amount due, and ask for your IRS tax penalty to be waived. Consult an attorney who specializes in IRS tax penalty statutes to help you file your appeal.
If the IRS accuses you of fraud and purposefully withholding or misreporting information, bring your case to an IRS tax penalty lawyer. If you have purposefully committed fraud, you could face more than an IRS tax penalty of an extra 75% of the tax due, you could face jail time, and you need to settle your case with the IRS quickly.
For more information on every type of IRS tax penalty and for IRS tax penalty law firms in your area, visit taxationlawfirms.com.
What's the easiest way to avoid having to pay an IRS tax penalty? First, make sure that you enlist the help of a qualified tax professional to help you file your taxes. Accountants, tax services, and especially taxation law firms are more familiar with IRS tax law and are less likely than you or a computer program to make errors when filing your taxes.
Second, if you want to avoid an IRS tax penalty, leave yourself plenty of time before your tax due date. You have three and a half months in the year before April 15th, so avoid an IRS tax penalty on late filing of an extra 5% of your taxes owed by filing weeks, if not months, in advance.
Avoid an IRS tax penalty on late tax payments that starts at an extra .5% and increases each month thereafter by working with an accountant who will alert you of each payment due date weeks before it's due. Many taxpayers are required to make estimated income, property, or other tax payments on a quarterly basis. If you don't want an IRS tax penalty for late payment, know your due dates and make plans to set aside enough money each week to make those payments on time!
Make sure that you have all of the correct paperwork and you double check everything before you send in your tax return if you want to avoid an IRS tax penalty. If you fail to include your payee statements or include your social security number, for example, you could be fined an extra $50-100 and you will face another IRS tax penalty if you need to correct your tax return after you've already sent it in and you don't catch the mistake.
What do you do if you're already faced with an IRS tax penalty? If the IRS tax penalty is for a mistake that you did not mean to make, you may be able to write an appeal to the IRS and admit your error, pay the amount due, and ask for your IRS tax penalty to be waived. Consult an attorney who specializes in IRS tax penalty statutes to help you file your appeal.
If the IRS accuses you of fraud and purposefully withholding or misreporting information, bring your case to an IRS tax penalty lawyer. If you have purposefully committed fraud, you could face more than an IRS tax penalty of an extra 75% of the tax due, you could face jail time, and you need to settle your case with the IRS quickly.
For more information on every type of IRS tax penalty and for IRS tax penalty law firms in your area, visit taxationlawfirms.com.
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