6 Facts About Late Filing and Late Payment Penalties

1. If you are owed a refund, there is no penalty for filing late

The IRS will simply hold onto your money until you do submit your return. The thing is, you must file your taxes within three years of the original deadline to claim your refund or you will lose your right to it.

2. If you owe taxes and do not file your return by the deadline, you will face a late filing penalty

Currently, you will be charged 5% of the taxes you owe for each month you fail to file past tax day. The maximum fee is 25% of the taxes you owe.

3. If you have not filed within 60 days of the tax deadline, you will owe a fee

Your fee will either be $205 or 100% of your unpaid taxes, whichever is less.

4. If you file your return but you don’t pay your tax bill by the deadline, you will owe a late payment penalty

The current penalty is equal to 0.5% of the taxes you owe for each month you fail to pay your taxes past tax day. The maximum fee is 25% of the taxes you owe.

5. If you don’t file a return or pay your bill, you aren’t penalized twice

Instead, the 0.5% late payment fee will be waived.

6. If you requested an extension, you will not be charged a penalty

(more…)
6 ways to recover after covid-19.

1. Assess the Financial Damage

2. Take a Second Look at Your Business Plan

3. Consider Whether You’ll Need Funding to Recover

4. Revamp Your Budget to Account for New Spending

5. Develop a Time Line for Rebuilding

6. Adapt to the new way of doing business, go virtual, go delivery, or go for new apps, go for social media to generate more business #businesstaxes #taxpreparation #bookkeeping #contabilidad #smallbusiness #taxes #business #businessowner #businesswoman #businesslife #photooftheday #happy 

Read More
Starting a Business: License and Permit Checklist

General business license. … “Doing business as” license or permit. … Federal and state tax identification number. … Sales tax permit. … Zoning permit. … Home occupation permit. … Professional/occupational licenses. … Health permits.

#business #businessowner #businesswoman #businesslife #photooftheday #happy #followme #friends #business #love #permits #live #licenses #sidebusiness #sidehustle #taxes #inc #llc #taxes #taxdeduction #taxstrategy #taxseason #startup #contabilidad #smallbusiness #checklist

Read More