Monthly Archives: April 2014

Eight Facts about Penalties for Filing and Paying Late

Issue Number:    IRS Tax Tip 2014-56

Inside This Issue

Eight Facts about Penalties for Filing and Paying Late April 15 is the tax day deadline for most people. If you’re due a refund there’s no penalty if you file a late tax return. But if you owe taxes and you fail to file and pay on time, you’ll usually owe interest and penalties on the taxes you pay late. Here are eight facts that you should know about these penalties. 1. If you file late and owe federal taxes, two penalties may apply. The first is a failure-to-file penalty for late filing. The second is a failure-to-pay penalty for paying late. 2. The failure-to-file penalty is usually much more than the failure-to-pay penalty. In most cases, it’s 10 times more, so if you can’t pay what you owe by the due date, you should still file your tax return on time and pay as much as you can. You should try other options...

April 15th coming soon!

Issue Number:    IRS Tax Tip 2014-45

Inside This Issue

Six Tips to Make Filing Less Taxing Doing your taxes doesn’t have to be taxing. You can make preparing and filing your federal income taxes easier by following these six tips from the IRS: 1. Use IRS Free File.  If you made $58,000 or less, prepare your return using free, brand-name tax software. If you made more and you’re comfortable doing your own tax return, use Free File Fillable Forms. This option is the electronic version of IRS paper forms. Go to to get started today. 2. Try IRS e-file.  You should try IRS e-file whether you do your own taxes or have them done for you. E-file is the safest, easiest, most accurate way to file a tax return. In fact, you’re 20 times more likely to make a mistake when you file a tax return on paper because e-file software will usually catch your errors. It will also alert...