- Larry Hess CPA
- Albuquerque, New Mexico, United States
- I am a Certified Public Accountant in Albuquerque, New Mexico specializing in representing taxpayers who are unable to pay the taxes they owe or must file delinquent returns or are under audit. I am also a frequent presenter of IRS Small Business Workshops for new businesses and new employers. You can read more articles on my website.
Saturday, January 18, 2020
Do you have a balance due on your tax return?
It's best to file on time. You will avoid the 5% per month late filing penalty. And you can request an installment plan. You should know that many people are afraid to file a return if they can't pay. That fear can start a cycle of not filing for multiple years. Penalties build up to the point that they can add as much as 50% to the tax. This creates a "hole" that is very difficult and expensive to dig your way out of.