Tic toc … It’s crunch time! With about 2 weeks left in this tax season there are still a lot of procrastinators out there. If you don’t think you’ll be ready by the April 15 deadline, make sure you call us for an extension.
FYI, if you don’t file your taxes on time, the IRS won’t just go away. In fact, they get kinda #^@$! and send nasty letters, but even worse, they calculate your taxes FOR you (based on only income; no deductions) and add on a failure to file penalty of 5% of the amount owed per month up to 25%. Yep, they stick it to you for not filing!
If you do file your taxes or an extension on time but don’t pay (or not enough), the IRS adds a late payment penalty of 0.5% of the amount owed per month plus some interest. It’s like paying bonus taxes!
And a caveat: the IRS won’t charge any penalties if you get a refund, even if you file way late! Go figure. But don’t expect them to contact you unless they think you owe!
A note on Georgia Refunds – In an effort to combat identity theft, Georgia will sometimes hold refunds until you call them. If your refund is more than a month past due, call 1-877-423-6711 to find out why. It’s likely they just want to hear your sweet voice before putting out the $$.