Related Posts
Is Redondo Beach a good area to buy in?
Which style home do you prefer and why?
More Posts
Hello all. I’m Pamela. 6th grade science teacher
Additional Posts in Tax Law
Any insight into STB’s tax group?
Is Redondo Beach a good area to buy in?
Which style home do you prefer and why?
Hello all. I’m Pamela. 6th grade science teacher
Any insight into STB’s tax group?
It might be worth discussing with a CPA and paying CPA to file. They might be a little more creative / aggressive than you / TurboTax to get you down owing zero. Your failure to file big impact is the statute of limitations never starts, so you are always on the hook. You want to file asap. Is your income not all W2? You have other income on a 1099 or other cash revenues? The IRS usually has a pretty good read on your taxes before you ever file. You may not owe at all? But you seem certain that you a few hundred? There is a late payment penalty and interest charge that is higher than you would think. You want to file these ASAP.
If you owe tax, you will have to pay failure to file and failure to pay penalty. If it’s just a few hundred, it won’t be that much. If you owe that little triple check that you are not missing any deductions, donation expenses, or credits. Indicate whether you received the stimulus or not.
Yeah you will still owe the penalty but you could have withholdings high enough to offset paying out of pocket. File before you get a notice.
If it’s your first time and you have a reason, it may be possible to request a penalty abatement. If it’s only a few hundred dollars, you should do this yourself rather than hire someone.