Tax No Tuesday Episode 72: 4 Most Common Tax Penalties
Common penalties include: 1. Failure to file – when you don't file your tax return by the return due date, April 15, or extended due date if an extension to file is requested and approved. 2.Failure to pay – when you don't pay the taxes reported on your return in full by the due date. 3. Failure to pay proper estimated tax - when you don’t pay enough taxes due for the year with your quarterly estimated tax payments. 4. Dishonored check - when your bank doesn't honor your check or other form of payment. Bonus! Subscribe on our You Tube channel for other Tax, Payroll & Bookkeeping Videos: WYCOTAX FREE Tax, Payroll & Bookkeeping CHECKLISTS: wycotax.com/tax-bookkeeping-checklists/ Having your own business should be fun. Instead of spending a lot of time and money on jobs you can outsource, why not entrust the technical aspects of your business to someone professional and competent? WYCOTAX make your business easier by working on your taxes, payroll, and bookkeeping needs. Call us TODAY! Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsource tax, payroll and bookkeeping company and not associated with any aforementioned institution.
