02/05/2025
đ¨Attention Tax Payers, ESPECIALLY Small Business Owners: Donât Miss the April 15, 2025 Tax Deadline!đ¨
Filing your taxes on time is crucial to avoid costly penalties and interest. Hereâs what you need to know:
1. File on Time:
If you donât file by April 15, 2025, youâll face a Failure-to-File Penaltyâtypically 5% of your unpaid taxes per month, up to 25%. If your return is over 60 days late, the penalty is at least $485 or 100% of your unpaid tax, whichever is less.
2. Pay on Time:
Even if you file on time, failing to pay your balance by April 15 triggers a Failure-to-Pay Penalty of 0.5% per month, plus daily accruing interest on the unpaid amount until itâs paid in full.
3. Filing an Extension:
Filing an extension using Form 4868 gives you more time to file (until October 15, 2025) but NOT more time to pay. Youâll still owe interest and the failure-to-pay penalty on any unpaid taxes after April 15.
4. Canât Pay in Full?
Donât panicâyou can set up a payment plan with the IRS to spread out your payments and minimize penalties.
Pro Tip: Pay as much as you can by April 15 to reduce penalties and interest, even if you canât pay the full amount.
Stay ahead of tax deadlines to keep your business finances healthy. Need help? Contact me today!
Text TAXES to 817-715-6971 to get started today!
Follow & for more tips and updates.
Lowri HernĂĄndez
Tax Specialist | Bilingual Real Estate Agent
GMM TAX SERVICES
đ˛817-715-6971
đ§[email protected]
#