If you get your tax return in the mail and you find that it’s missing or incomplete, there are acceptable reasons for late tax return. However, there are very few ‘good excuses for late tax return‘, so don’t expect to get all the penalties canceled immediately, but you can try. See the information below.
Disclosure: This post contains affiliate links and I will be compensated when you make a purchase after clicking on my links, there is no extra cost to you
The most common reason for a tax return not being filed is for non-payment because of credit card bills. But late payment penalties apply for late payments.
Filing taxes late is also a risk. It can affect your tax refund eligibility and impact your credit rating. If you get into trouble with the IRS, a tax refund check will be denied.
A quick tax return is usually less costly to the government. They will receive their tax money faster and your liability will be less. This reduces the amount of the liability the government has to pay back to you.
Another reason that the tax payment is late is if you file a return with incorrect information. The IRS must enter a correction on your tax return if it is inaccurate and a mistake will be recorded.
One reason why you may be late filing your tax return is because of bad credit history. Bad credit accounts will be reported to the credit bureau, which shows up on your financial report.
In addition, if you have delinquent payments, these will show up on your credit score as well. This will lower your credit score. If your credit score goes down, your interest rates will go up and the percentage of your credit limit you can use will go down.
Your credit score will remain the same. However, if you try to borrow money, your interest rates will go up. This will keep you from borrowing money to cover the debt you owe to the government.
Tax return preparation issues are another reason for a late tax return if your accountant has made mistakes. Your payment method may not be correct, or you may not have sent all of your records to the IRS. If you are responsible for a mistake and the IRS agrees with your claim, you will be able to receive a partial refund.
There are other reasons why you may be late filing your tax return. There are many reasons why you may not file your return. If you do not pay your bills, it will cost you more money and hurt your credit rating.
There are some things you can do to help you avoid a late tax return. Having an excellent credit score is important. Paying on time will help your credit rating as well.
You should take some time to study your finances and learn about personal finance management. By making smart decisions and following good tax filing procedures, you can avoid late tax returns.
Good Reasons Vs. Planning Ahead
A late tax return penalty can be enough for an anxiety attack. So try to avoid this ahead of time.
There are a few factors that will cause a tax return to be filed late as an acceptable reason for the authorities. An example would be a death, illness, divorce, or disability.
Filing for tax delinquency is a serious matter. If you have had an accident or are ill, you must get a doctor’s appointment to make sure that you will be able to pay the balance off.
A lot of times the IRS and the tax collector will try to talk you into getting a settlement done. They will tell you that you have to pay this amount for them to catch you. If you want to avoid going to jail because of nonpayment, get a settlement.
Some of the reasons for a tax return being filed late are simply caused by procrastination. For example. you have an important meeting coming up where your spouse is leaving town. However, this is not a good enough reason.
When you are looking for reasons for late tax return you may find yourself in this position.
Instead of leaving it until the last minute it may be a good idea to send in your money ahead of time.
One reason for this is due dates do not change for the IRS. If you send money before the due date, it will be easier to get it taken care of quickly.
Another reason for paying the taxes early is that you do not want to incur penalties. The IRS is the same every time and there is no penalty or fines for paying early. However, if you pay early you will avoid penalties that may be incurred if you do not pay the entire tax bill.
One of the reasons for a late tax return is that you do not know what is going on with your income tax return. Before you file you should read your statement take your time to learn all of the information on your statement.
You must be aware of what is going on with your finances.
As you look for reasons for late tax return, you may be told that you owe taxes and cannot pay.
When you have established the good reasons for a late tax return, you should contact the IRS and tell them about it. Your tax delinquency will be caught before it gets worse. Do not ignore your obligations and have the IRS come after you.
Remember that when you file your tax return late you are working with the IRS to catch you and to help you establish a long term solution. You do not want to become a taxpayer that cannot pay his or her tax obligations. Take action before you can get an adverse notice or get late notices.
Finally, I hope this gets you clearer on good excuses for late tax return and whether it not it genuinely applies to you. If you would like help from a professional tax preparer, contact us today.