Buckingham, Doolittle & Burroughs, LLC’s Post

It's almost tax day! Remember to file an extension by April 15th and make a payment if needed. The IRS imposes penalties for both late filings and late payments, which can significantly increase the amount owed. Specifically, late filings incur a penalty of 5% of unpaid taxes monthly (up to 25%), while late payments are penalized at 0.5% per month, also up to 25%. However, even if you anticipate a delay in payment, filing on time or requesting an extension can mitigate some penalties. Understanding these potential costs and strategizing accordingly is key to minimizing financial impact and ensuring peace of mind.

Did you know that April 15th is actually two tax deadlines- Filing and Payment? Discover the impact of late filings and payments and how to mitigate penalties and interest charges. Watch now to stay financially savvy. #TaxDeadline #FinanceEducation Contact us today! https://lnkd.in/e-_i5k3g

Ted Thomas answers "Why Clearing a Property Title Costs Time & Money (But It’s Worth It)" Claim your gift here: https://lnkd.in/d7Xk4ysf WATCH THE FULL VIDEO HERE How To Get A Clear Title On A Tax Deed https://lnkd.in/eQnmRYhi #redeemabledeed, #taxdeedinvesting, #onlineauctions, #investingtips, #investing101, #realestateinvestment, #propertyauctions, #Tedthomas, #taxdeed, #taxsale, #taxdeedexpert, #taxlieninvesting

🔔 𝗔𝘁𝘁𝗲𝗻𝘁𝗶𝗼𝗻 𝗧𝗮𝘅𝗽𝗮𝘆𝗲𝗿𝘀! 🔔𝗠𝗶𝘀𝘀𝗲𝗱 𝘁𝗵𝗲 𝗔𝗽𝗿𝗶𝗹 𝘁𝗮𝘅-𝗳𝗶𝗹𝗶𝗻𝗴 𝗱𝗲𝗮𝗱𝗹𝗶𝗻𝗲? Don't fret! The IRS is here to support you through the process. 💼 Whether you owe taxes or simply missed the deadline, 𝙛𝙞𝙡𝙞𝙣𝙜 𝙮𝙤𝙪𝙧 𝙩𝙖𝙭 𝙧𝙚𝙩𝙪𝙧𝙣 𝘼𝙎𝘼𝙋 𝙞𝙨 𝙘𝙧𝙪𝙘𝙞𝙖𝙡 𝙩𝙤 𝙢𝙞𝙣𝙞𝙢𝙞𝙯𝙚 𝙥𝙚𝙣𝙖𝙡𝙩𝙞𝙚𝙨 𝙖𝙣𝙙 𝙞𝙣𝙩𝙚𝙧𝙚𝙨𝙩. Remember, an extension to file doesn't mean an extension to pay. 💰 Even if you can't cover the full amount immediately, 𝙛𝙞𝙡𝙞𝙣𝙜 𝙖𝙣𝙙 𝙥𝙖𝙮𝙞𝙣𝙜 𝙬𝙝𝙖𝙩 𝙮𝙤𝙪 𝙘𝙖𝙣 will lessen the financial burden. 📝 Need help? 𝗘𝘅𝗽𝗹𝗼𝗿𝗲 𝗜𝗥𝗦 𝗿𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀 𝗮𝗻𝗱 𝗼𝗽𝘁𝗶𝗼𝗻𝘀, including penalty relief and payment plans. Check out 𝗜𝗥𝗦.𝗴𝗼𝘃 for more details. 💳 Convenient payment methods are available, including 𝗜𝗥𝗦 𝗗𝗶𝗿𝗲𝗰𝘁 𝗣𝗮𝘆, 𝗱𝗲𝗯𝗶𝘁/𝗰𝗿𝗲𝗱𝗶𝘁 𝗰𝗮𝗿𝗱𝘀, 𝗼𝗿 𝗱𝗶𝗴𝗶𝘁𝗮𝗹 𝘄𝗮𝗹𝗹𝗲𝘁𝘀. Pay 𝙚𝙡𝙚𝙘𝙩𝙧𝙤𝙣𝙞𝙘𝙖𝙡𝙡𝙮 for immediate confirmation and peace of mind. 👉 Remember, 𝙥𝙧𝙤𝙖𝙘𝙩𝙞𝙫𝙚 𝙨𝙩𝙚𝙥𝙨 𝙣𝙤𝙬 𝙘𝙖𝙣 𝙨𝙖𝙫𝙚 𝙮𝙤𝙪 𝙛𝙧𝙤𝙢 𝙪𝙣𝙣𝙚𝙘𝙚𝙨𝙨𝙖𝙧𝙮 𝙥𝙚𝙣𝙖𝙡𝙩𝙞𝙚𝙨 𝙡𝙖𝙩𝙚𝙧. Stay 𝗶𝗻𝗳𝗼𝗿𝗺𝗲𝗱, stay 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝘁! Let our CPAs analyze your 𝘁𝗮𝘅 𝘀𝗶𝘁𝘂𝗮𝘁𝗶𝗼𝗻 𝘁𝗼𝗱𝗮𝘆! Call us on 703-366-3444 for guidance on filing your tax returns if you have missed the deadline. 𝗔𝗖𝗧 𝗡𝗢𝗪! #TaxSeason #PaymentPlans #TaxSeasonReminder #MissedTaxDeadline #TaxExtension #TaxPreparation #IRS #TaxTime #FinanceTips #ActNow #TaxAssistance #LastMinuteFiling #FinancialSecurity #fileextension #TaxPaymentPlans #FinancialFlexibility #TaxTips #IRSAssistance #FinancialWellness 

For those that need to contact the IRS to resolve tax issues, there may not be a quick and easy answer. One may have thought that it would get much easier to contact the IRS because of the additional budget they were allotted from the Inflation Reduction Act, but that funding did not change the underlying problems and dynamics. According to a recent WSJ article, the IRS hired an additional 7,000 customer service representatives, yet of the 2.1 million people that called the collections phone line only 1/5 got through to a representative. Did you know that even after you die, a final income tax will need to be filed and taxes paid by your executor? One more reason to consider a corporate executor, so your family members can be left time to grieve instead of dealing with the financial side of settling the estate. If you’d like more information, let us know. https://lnkd.in/e-cpCGjc

Today's #TaxTipTuesday is simple. If you filed for an extension this year --> DON'T forget about the October 15 deadline! This is your last chance to submit your 2023 tax return without facing penalties. Be sure to gather all necessary documents, including income statements and deductible expenses, and file electronically for faster processing. If you owe taxes, making a payment by the deadline will also help you avoid additional late payment penalties and interest. If you need assistance, the CJBS team is here to help.

Looking for the latest tax bracket changes? Use this handy reference guide to save time.

Have you ever received a 1099-Misc? Do not worry. A lot of people do! Here is what it means... A 1099-Misc is used to report miscellaneous income to the IRS. This information usually needs to be submitted if you have received payments over $600 or more in a single tax year. 💰 Book a consultation with us! 👉 https://bit.ly/3qROZXY #TrinityFLbookkeeping #TrinityFLbusinesses

Looking for the latest tax bracket changes? Use this handy reference guide to save time.