6 tips to help you avoid paying IRS penalties.
April is the month you will find yourself rushing all over to try and meet the deadline for filling your tax return. But why haven't you been keeping up to date with your tax returns by having all your tax information stored in a safe place, making it very easy to file your taxes and avoid paying any IRS penalties. Many of you are filing taxes yearly, but are paying tax penalties, but have no clue why or are not trying to prevent this from happening. This article will explore 6 tips that will help you avoid paying IRS penalties and show you the IRS interest that you will have to pay.
Top sis IRS penalties:
1) Late filing - You will be paying 5% to 25% on interest penalties. So why not make sure you file on time.
2) Paying your taxes late to the IRS - 0.5% to 1% interest. Pay Uncle Sam what you owe in a timely fashion.
3) Neglecting IRS tax rules - 20% interest, due to underpaying. Don't underpay your taxes, if you don't know how to file your taxes correctly, get the help of a CPA.
4) Fraud - 75% interest, due to underpaying. The IRS loves dealing with fraudulent cases, if you believe this to be incorrect, simply contact the IRS and negotiate and send in your tax papers again.
5) Over evaluating your taxes - 20% to 40% interest charges. This can be avoided by filing your exact amounts earned during that fiscal year.
6) Under evaluating Estate tax and gifting taxes - 20% to 40% interest charges. Don't believe Uncle Sam can't find out how much your gifting or what your property is worth. File correctly at all times.
As you can probably tell by now, the IRS sends out stiff IRS penalties with very high IRS interest tags attached, and it is amazing how many of us still end up paying heavy late fees on our taxes. You can take this one simple tip to avoid many IRS tax issues, and that is to always file on time, and pay your taxes due on time.
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Alexander Marlin runs an informational website that deals with IRS Penalties and other tax related issues. Your Article Search Directory : Find in Articles
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