v Through the year on every check an amount was deducted for income taxes. Not enough was claimed and is considered an underpayment.
- Expenses were not correctly calculated and claimed on the tax return.
- Income that was not claimed on the tax return.
-The tax return was not filed by 4/15 or an extension was not filed by 4/15.
-Tax liability outstanding balances were not paid on time.
A large majority of us find that we have tax penalties at one time in our lives. No matter what the case may be, if you receive a letter from the IRS (Internal Revenue Service) that has a bill in it for the additional amount you owe for a designated tax year, it is wise to contact a tax professional to assist you.
If your tax return was not filed on time or the liabilities you owe are not paid by the due date on your return, additional fees will be charged by the IRS. An amazing amount of 5% per month will be charged up to 25% of the total tax on the return. A fee is assessed even if no tax is due. If it is not filed on time, a $100 fine is due. Contact a Naperville Income tax professional to help with your tax needs. |
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