If you have missed the IRS tax filing deadline without filing an extension, you need to file as soon as possible before the IRS files for you. If you fail to file, the IRS can file a substitute return for you. Unlike a Richmond tax return preparer, the IRS that won’t include credits or deductions that could help reduce the amount you owe or maximize your return.
Should I file for a tax extension
If you need more time to file your taxes you can file for an extension BEFORE the deadline, an extension is good for an additional 6 months and eliminates the failure-to-file penalty. An extension does not, however, give you an extension of time to pay taxes owed and you will be asked to estimate how much you're going to owe the IRS. The unpaid balance with accrue interest and penalties, however these penalties are far less than the ones for not filing at all.
Late filing fees if you owe taxes.
If you do not file taxes by the deadline, you may face a failure-to-file penalty. If you do not pay taxes owed by the deadline you may have to pay a failure-to-pay penalty which is generally less severe than a failure-to-file penalty as the IRS will work with if you are struggling to pay taxes owed on time. The failure-to-file penalty, however is usually 5 percent of the unpaid taxes for each month or part of a month that a tax return is late. That penalty starts accruing the day after the tax filing due date and will not exceed 25 percent of your unpaid taxes.
You will not have to pay a late-filing or late-payment penalty if you can show reasonable cause for not filing or paying on time but it is not guaranteed that the IRS will grant your request.
Late Fees if you are Getting a Refund
If you are owed a refund, there is no penalty for filing your tax return late, even without an extension as the penalty for filing late is a percentage of the tax owed. Just remember that you don’t get your tax return until you file.
Get back in good standing with the IRS
Paramount Tax & Accounting CPAs Richmond East can help you file late tax returns in Richmond and navigate your options if you are faced with penalties. Contact our accountingbookkeeping firm in Richmond for a free consultation to help file taxes late in Richmond.
Timing, accuracy, and necessity are key factors when it comes to filing a late tax return. Paramount Tax & Accounting CPAs Richmond East can assist you from start to finish.
Marcus was very responsive and very helpful. He made filing taxes very easy! I will definitely be coming back to file taxes every year. Thank you!
— Margreen Freeka Brown,
Posted June 3rd 2024 on google
Marcus is great! He saved me thousands in taxes last year when I owed the government & ensured I received as much money as possible looking through all potential tax breaks this year. The portal is easy to navigate and to keep your information all in one place to make the 30 minute chat to file so easy. Will be going ...
Marcus is awesome! He was helpful, kind and informative when assisting with my tax filing for this year. He provided important insights and brought humor to a not so fun task!
— Elizabeth Whittle,
Posted March 30th 2024 on google
Marcus is the best! Very detailed and gets you every claim you can get!
— Kate & Jason Pulley,
Posted March 9th 2024 on google
Marcus has done my taxes for the last three years and I wouldn’t have anyone else do them. He’s quick, efficient and personable. I would recommend anyone to him!
— MaKayla Foley,
Posted February 25th 2024 on google
It was a great experience!! Marcus is very nice and professional an explains things well.Thanks again Marcus!!
— Megg Beasley,
Posted February 21st 2024 on google
Marcus has been a huge help for the last couple of years. He’s personable and experienced in what he does. Always has a solution, gives sound advice.
Marcus was very insightful, explained all necessary line items and very courteous and professional. I recommend his firm to anyone needing tax prep, accounting needs and business accounting expertise. Thank you Marcus for everything.
— Tyson Hawkins,
Posted August 21st 2023 on google
Paramount did a great job and Marcus explained everything thoroughly. I look forward to returning in the future.
Marcus was great to work with to complete our taxes this year. He helped me sort through my husband’s business expenses and provided bookkeeping advice to make next year’s filing a breeze. In less than two hours, everything was done. Marcus was patient and professional. We will definitely use his services again. Hi...
I had a great experience working with Marcus. From the beginning he was extremely knowledgeable friendly and welcoming. He was able to address all of my questions and concerns and I left feeling great about my overall experience. I highly recommend anyone looking for a great tax professional for personal or business ta...
Marcus is very Professional Tax consultant. Thought I went to him 1-day before the tax deadlines, he took time out to help me out, answered all my questions patiently , gave me some tips to manage taxes as well. And his fees were reasonable too. I highly recommend him if you are in the area.
— Shariff Mohammed,
Posted April 17th 2022 on google
Very knowledgeable, excellent communication, and very personable. It is very hard to find good people, so look no further than Marcus!
Many people do not know how a professional tax firm differs from a tax preparer. The main difference when working with a professional tax and accountingbookkeeping firm, such as Paramount Tax & Accounting CPAs Richmond East, is that we know taxes!
Paramount has worked hard to create relationships to deliver the value that our clients expect. In fact, our goal is to be the No. 1 Filing Late Taxes firm in Richmond. So when you ask yourself, "Where can I find accountingbookkeeping services near me?"... think no further than Paramount Tax & Accounting CPAs Richmond East!
Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accountingbookkeeping firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accountingbookkeeping firm utilizes licensed professionals, who can not only advise individuals on personal financial matters but who are qualified to advise businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial topics.
Our strict standards ensure that we understand the complicated tax laws and how to implement strategies that return the most benefits to individuals and businesses. Give Paramount Tax & Accounting CPAs Richmond East a call or visit our
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Through dedication to the three underlying principles of professionalism, responsivenessandquality, Paramount is committed to providing outstanding service to our clients.
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In the unlikely event you receive a tax notice, we have an entire audit defense department ready and available to help. We partner with Protection Plus $1 Million Tax Audit Defense so that we can work towards a favorable resolution in every situation our clients might face.
