Episode 55:  In this episode, Timalyn explains what the failure to file penalty is and why it is adding so much to your tax bill. She will not only talk about what it is but how it's calculated, and how to potentially get it removed.

Can't File Your Taxes On Time?

You can avoid the failure-to-file penalty by filing a timely tax return or tax extension. If you're an individual needing to file an extension you can do so by filing Form 4868. Timalyn will have a video to walk you through filing the 2024 4868 on her YouTube channel, coming out on March 31st.  

The Failure to File Penalty

This is the penalty that the IRS assess to taxpayers when they file their tax return late. For individuals and corporations, it can be up to 25% of the balance owed. 

For Partnership and S-Corp returns the penalty is $245 for each partner/shareholder for each month, up to 12 months. This penalty can easily cripple small business who just doesn't understand their filing obligations. 

Getting the penalty removed

Timalyn has covered penalty abatement in previous episodes of this podcast. There is first time penalty abatement and there is also reasonable cause abatement. This is a service that Timalyn offers in her firm. But it's best to get the information to understand if it's something you'd qualify for. You can check out the previous episodes by using the links below:

IRS Penalties - First Time Penalty Abatement

IRS Penalties - Removing them for Reasonable Cause

Need Tax Help Now?

If you need answers to your tax debt questions, book a consultation with Timalyn via her Bowens Tax Solutions website.  Click this link to book a call. 

Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either.

As we conclude Episode 55, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.  

Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode.

For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ .

If you have any feedback or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.

Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.