It is important to file your taxes on time to avoid needless penalties and interest. You have 3 penalties to pay if you don’t file on time: Failure To File, Failure to Pay, and Interest.
Failure to File Penalty: The penalty is 5% for each month the tax return is late, up to a maximum of 25%.
Failure to Pay Penalty: The penalty is 0.5% for each month the tax is not paid in full with no no maximum limit.
Interest: Interest rates change every few months, but the current interest rate is around 4% per year.
So, File your taxes on time and save on taxes, penalties and interest. If you still haven’t filed, today is the best day to get your taxes done. Fast Tax Services is open all year round. Call today to get your taxes taken care of.