This Insights was contributed by Richard Pasquantonio, CPA/CFF, CFE, CDFA (NC License Number 33577), an associate at Adam Shay CPA, PLLC.
Another tax season has come to a close.
Many people associate April 15 with the final day for filing, but many Americans file for a six-month filing extension, making Oct. 15 (actually, Oct. 17 this year) the official end of the season.
One caveat - the 2016 tax filing season is technically not really over, as the government announced on Oct. 17 that individual returns extended in New Hanover, Brunswick, Pender and Onslow counties, among others, have additional time to file - but not to pay balances due - because of Hurricane Matthew.
Regardless of this year’s exact filing deadline, once it has passed, what happens if you did not file? What are you supposed to do?
The short answer is: File them ASAP!
Listen, it's OK. It happens to a lot of people. Pick up the phone or do a Google search for "CPA Wilmington NC.” Meet with a couple of CPAs and find someone you feel comfortable talking to and working with.
Don’t postpone it any longer. I have seen one year turn into two, two to three and before you know it you have a real problem on your hands. It's quite possible that a record of good compliance in the past will assist you in reducing or eliminating the penalties associated with filing a late tax return.
Every day you wait to file and pay your taxes is costing you more money in penalties and interest. If you continue to wait, the interest and penalties can as much as double the amount you owe.
There are a number of reasons people may not "want" to file their taxes, but the three reasons I see most often in our practice are:
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