Chen & Fogg
Certified Public Accountants
Late Tax Payments
If you already know that you owe money to the IRS, it pays (almost literally) to do what you can to make that amount as small as possible. The more you put off settling that debt, the more you can accrue fines,fees, interest and penalties that may lead to even harsher measures.
If you end up paying taxes after the due date (typically April 15), know that there are bound to be penalties, and they can increase the longer it takes you to pay. As an added note, though, always file your taxes. Even if you cannot pay what you owe, the penalties for failing to file can be much higher. It is possible that you could file for an extension to avoid penalties.
It is possible that you have other assets that could be tapped to pay the amount. It is possible that you could qualify for a payment plan. No matter where your situation fits in this scheme, the most important part to remember is to not ignore the situation. It is not going away, but we can be here to help you figure the best way through it.
6300 W. I-40 Suite 102A
Amarillo, Texas 79106
Have Any Questions? Call (806)290-0850
~ MENU ~