Readers consider this a friendly reminder....your taxes are due in just 1 month! If you haven't started on them yet, you may consider doing so in the next few days. Pull your paperwork together, get organized, and set aside dedicated time and space to work on your tax returns. Accountants, bookkeepers and CPA's are working long hours already on preparing their client's returns. So get cranking!
If you file your taxes late, and you owe money, the IRS will levy a late filing penalty on you - which is 5% of the taxes you owe the first month. The IRS will continue to charge you 5% on your unpaid taxes, every month thereafter, not exceeding 25 percent of your total taxes owed. If you can prove a reasonable delay that is preventing you from filing, such as you have not received wage and tax information from your employer, then the IRS will not penalize you.
Other things to consider if you don't pay your taxes on time is that the IRS can charge you interest on the penalties and they can file criminal charges against you.
So don't delay - start working on filing your taxes soon!
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