Although Tax Day has passed, many taxpayers have not filed their IRS Form 1040 to file their annual income tax returns. The IRS advises individuals who failed to file by the deadline of April 18 to do so as soon as possible. As an internal revenue service in Connecticut, below are some justifications for you to complete your overdue tax filing:
- Owe less in penalties.
Failure to file typically has a penalty of up to 5% of your unpaid tax, and failure to pay a penalty is 0.5% of your unpaid tax. Both of these penalties are assessed every month until you pay. On top of that, you will also owe interest. When you file as soon as possible with the help of a tax preparer, they can help your limit penalties and interest.
- Receive the money that’s owed to you.
Taxpayers who do not file a return because they do not meet the filing requirement may miss receiving a refund from potential refundable tax credits, such as the Earned Income Tax Credit. Many taxpayers fail to file a tax return and claim a refund for credits that they may be eligible for. This is where tax return services in Connecticut can help.
- Set yourself up for the next tax season.
By doing your taxes with a professional tax professional, you can easily spot any paycheck withholding issues. For instance, if you owe more than expected this year, it could be because you withheld too little from your pay. By dealing with your missed tax filing now, you avoid facing the same issue next tax season.
Arrange reliable accounting & tax services in New London, Connecticut, with Mustapha Ratib LLC. Get in touch with us to inquire about our services.
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