Failed To File Your Taxes on Time? What Will Happen?

It’s not uncommon for accountants to breathe a sigh of relief once the regular tax filing season passes; they know that they’ve filed the relevant returns on their clients behalf, and won’t be chased by the IRS for missing the deadline. However, for those business owners attempting to file their own tax returns ever year, it’s easy to miss a deadline due to a lack of preparedness, or a whole host of other reasons, and cause themselves intense stress and anxiety.

That said, missing a tax filing deadline isn’t always a reason to panic, and if you’re owed a refund, there’s usually no penalty for failing to file on time. This is largely because the IRS are content with not having to send you the money you’re owed in a refund. But, if you think you are owed a refund, you should try and file on time so that you can get your hands on it that bit quicker.

Is it always bad news if you fail to file on time?

What happens if you’re not due a refund?

For those who fail to file on time and aren’t due a refund, you will undoubtedly face penalties from the IRS. If you’re not filing on time due to the fear that you can’t actually afford to pay what you owe, note that your situation will only get worse, the longer you delay paying on time. And no amount of failing to file is going to help you avoid your tax bill, either.

Why you shouldn’t delay filing your tax return

If you owe taxes, this is because you didn’t pay the money that you owe on the money that you received from your business, and for every form you have stating that you received that money, will be in the IRSs hands, too.

Ultimately, failing to file won’t stop the IRS from knowing that you should have done so, and from knowing what you should have paid in taxes. Failing to file will only ever cause you to owe more in taxes, in fact, and not just because the IRS know about all of the money you’ve received and haven’t paid taxes for, but because without a tax return, how will they know what deductions you may be eligible for that could lower your overall tax burden?

So, if you’re reading this and are worried about missing a tax deadline or worried about the amount you may have to pay, the best solution is to seek guidance from an expert. A tax professional can help make sure that you always file on time, never face penalties from the IRS, and get as many deductions as are owed to you.

At Heyer Inc, we proactively assist our individual and small business clients in meeting their goals. Our key area of focus is ensuring that our clients remain compliant with federal and state tax laws by providing them with high quality accounting and tax services Miami. If you are looking for an individual accountant in Miami, heyer inc would be a right option.