Benefits of Filing on Time
We will all soon be faced with our annual duty to file our income taxes with the turn of the calendar to 2016. Most businesses must file by March 15th, and most individuals must file by April 15th. Many people find this to be an anxious endeavor. Some find themselves in a position where they have failed to file on time in previous years, or failed to make payments on tax obligations for various reasons. People find themselves owing seemingly overwhelming balances to the federal or state government. People each have personal reasons to justify delaying or avoiding filing taxes.
However, almost everyone agrees that being in good stead with Uncle Sam by filing taxes provides a sense of relief.
Filing on time, even if you cannot pay, almost always avoids extra penalties for failure to file returns. Failure to file penalties can be some of the steepest penalties to pay. Even if you cannot pay, you should file your taxes. The government will work with most taxpayers to find a solution to repay taxes as long as the taxpayer completes all filings owed to the government. Start off 2016 by getting your filings up to date. If you need help, a tax attorney can help you figure out how to get into Uncle Sam’s good graces. Then that professional can help you can avoid seizures of your assets, wages, or bank accounts.
Written by Kevin Sayed, tax, business and estate and trust lawyer, Colombo Kitchin Attorneys, J.D., LL.M. Taxation.