How to Prevent IRS Penalties? | Nationwide Tax Consulting

No one desire to pay taxes, but there is no other way. Running from the IRS without paying taxes is impossible as they will do any possible thing to get the money you owe. Delaying filing or if you consider not to file and pay, which is not possible, will only result in penalties such as failure to file and failure to pay, which means it will only add more money to the amount of your taxes.

IRS cares more to get taxes filed as here an individual or a business will report their income and taxes and then it's decided whether your income is eligible for taxes or not. Also, If someone is failed to file taxes before the deadline, IRS will add interest of 5% to the amount you owe and will keep adding since the day or month you do not file.

So even if you are not able to pay, consider filing taxes before the deadline so it doesn't add further to your taxes. IRS also charge with failure to pay penalty, and they only penalize if a taxpayer doesn't negotiate with them in the proposed ways. But, charges with failure to pay is far less than failure to file, as IRS only charge 0.5% for not paying taxes by the deadline.

File taxes at first hand to avoid the penalties and after that, if you are not able to pay, negotiate with IRS in the legal ways. IRS can grant you more time or can go for an offer in compromise or can also give permission to pay in installments. But first, you will need to prove your eligibility for these terms and consider applying with the help of a professional tax resolution company such as Nationwide Tax Consulting so they make sure to make you eligible for all required aspects.

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