There are some serious implications to ignoring your tax responsibilities as well as steps you can take to lessen the stress of taxes. If you educate yourself on some basics, including marking important deadlines on your calendar, you will save yourself a lot of heartache. So what are some of the biggest reasons to pay close attention to tax deadlines?
If you owe money and wait until after October 17 to file, you will continue to accrue late fees and penalties simply by procrastinating. It is better to address your taxes early and put a strategic plan together to solve any issues that may arise. In addition, the IRS has been more lenient with taxpayers who have a history of compliance with filing requirements.
You may have a refund waiting for you. If you had any taxes withheld from your paycheck throughout the year, you should still plan to file taxes even if you didn’t earn enough to meet the filing requirement. You could have a refund due to you.
Tax deductions and credits
There are deductions and credits that could potentially be missed if you delay in getting your taxes submitted. If you aren’t familiar with credits and deductions that may be available to you, it may be time to speak with a professional to ensure you are saving the most money possible.
You can make arrangements if you do owe
The IRS will work with you to set up payment plans if you do owe money. Your situation may not be as bad as you expect after you work to find the deductions to which you are entitled. After establishing a payment plan, the notices will stop and you will no longer have to worry or fear the unknown.
There is help out there
If you aren’t familiar with the specifics of your taxes, there are a variety of resources available, ranging from articles to hiring a professional. When you work with a knowledgeable CPA, they can help educate and guide you regarding your specific tax situation.
Talking about taxes can be stressful, but by taking the time to educate yourself about the resources available for yourself and your business, you can save a great deal of time, money and anxiety.
Take a look at our Resources page for a full list of upcoming tax deadlines.