A lot of people, not only immigrants but also people living in the United States forever have sometimes dealt with the problem of forgetting to file their taxes. There is nothing to worry about in such a state. Almost 30% of the taxpayers every year forget about filing their taxes before the deadline. Sigma Accountants, a tax services columbia MD, is one of the best accounting firms in Maryland. They come across a lot of clients who forget to file their taxes or are unable to gather all the required documents on time. Let us know what a CPA in Maryland or a tax accountant Maryland has to say about this.

If you are a part of the group of people who are supposed to file their taxes, then you must note that if you forget to file your taxes, it can become difficult for you to secure a US visa at a later stage, this is for students and immigrants on a work visa.

Also, when you are unable to file tax returns, then there is always a possibility that you will be facing fines or penalties for the failure of adhering to the deadline. When it comes to penalties, there are two different types: late payment and late fining penalties.

The late filing penalties are much more than the cost of late payment. This is why it is the best thing to keep the date in mind and file your taxes before the deadline in order to avoid any fines or penalties.

Late filing & payment penalties:

When you fail to file a tax return, the penalty will eventually apply if you did not file before the deadline. The same penalty may apply if you failed to pay all of the taxes that you owe.
The penalty for failure to file is much more compared to the penalty for failure to pay. This is why it is important that you at least file your tax returns every year before the given deadline. This must be done, even if you are not able to pay the amount.
When you get a penalty, it starts accruing right after the tax filing due date. It will never exceed 25% of your unpaid taxes.
There will be a 0.5% penalty of your unpaid taxes as a penalty for failure to pay.
The maximum penalty you will be paying for both cases is 5%.
Filing a return after 60 days or the extended due date will have you paying $135 or 100% of your unpaid taxes.

The tax specialists and accountants at Sigma Accountants understand these rules very well. They have years of experience at handling taxes and can help you in any case.


What should you do?

You must pay as much amount as you can at the time of filing your tax returns. This is one of the best ways to minimize any penalties or interest charges that will be imposed on you.
You can also try contacting the IRS. There is an option of requesting a certain payment plan or an installment agreement. This will allow you to pay your tax bill in a limited period of time.

It is very important that you keep in mind your state’s tax return policies and the date for the filing of tax for your particular state. For tax preparation in Maryland, you must contact a CPA in Maryland who can help you with the dates and make you understand the process.

Sigma Accountants is one of the best companies offering tax preparation columbia MD. It is easy to get in touch with a Columbia Maryland CPA through Sigma Accountants.

Let an expert handle taxes for you

It is good to keep in touch with a tax accountant Columbia MD, who can handle all your tax requirements and file the taxes for you. Once you give them the responsibility, you do not have to take the hassle of taxes. They are experts who have years of study and experience and they know how to handle it well. Sometimes, it is best to let experts handle it rather than doing it all on our own. Visit: https://sigmataxes.com/business-accounting-cpa/tax-preparation-services/