Benefits of Filing Tax Return on Time

Filing taxes is a very stressful experience for everyone. Some people may forget about it, some may not have money to pay their taxes. But it is very important to file your taxes, and more important to file it on time. There are 3 benefits of filing your taxes on time.

  1. You avoid interest and penalties. There are 2 types of penalties: filing late and paying late. If you file your tax return more 60 days late, the minimum penalty is around $210, but it may be higher if you owe more than $210 on your tax return. If you pay late, the interest accrues on top of penalties.
  2. You avoid losing future refunds. If you owe taxes to the IRS, the part or all of any refund will be used to pay it.
  3. Safeguard credit. If at any time, the IRS files a tax lien against you, it may affect your credit score, and it may become difficult to get a loan.

There are still options to avoid penalties and interest.

Feel free to contact us at 848-241-3776 to get more information.

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