Consequences Of Not Filing Taxes On Time

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Though we have many responsibilities in life that need to be tended to in a timely manner, one that stands out to us the most is filing your taxes. As citizens, it is our duty to ensure that we abide by Uncle Sam by April 15th (or April 18th in this year's case), and even though you have several months to complete your tax returns, surprisingly enough there are always a few who come close to missing the deadline. But it's not that big of a deal, right? Wrong! Here are a few of the major consequences you'll experience if you don't file on time:

Late fees: Many of us look forward to receiving some type of refund after filing taxes, but those who don't meet the deadline will wind up costing themselves more. Not to mention, for those who owe the government money, that amount will only increase the longer things are put off. In fact, for every month you don't file your tax return, the penalty is usually 5% of the unpaid taxes you owe.

Delayed payment: If you're expecting a refund, we bet you'd like to see that money deposited into your bank account as soon as possible. But, if you delay your job of filing on time, the government will delay their job of getting your refund to you.

Legal action: Failing to file or send the required payment to the government on time results in more than just warnings, it could even lead to legal actions being taken on your behalf. Depending on how much is owed, you may find that your wages are garnished or that certain assets are taken from you - you may even see a representative from the IRS come knocking on your door.

Although these are just three consequences of failing to file on time, they are three that you certainly want to avoid, which is why it's time to make an appointment with a certified financial planner to go over your taxes! To learn how we can help you get through tax season smoothly, or for more information about the certified financial planners we have on staff, please visit us on our website or give us a call at (516) 932-5130.