COSTLY MISTAKES The IRS’ 3 Favorite Penalties
HAVE A LAUGH If you do not pay the taxes you owe, you can face penalty fees of 0.5 percent of the unpaid taxes for each month you This year, taxes are due on Tuesday, April 17. If you fail to file before Tax Day, you will face penalties of 5 percent for each month the return is late. If you file more than 60 days after the due date, the minimum penalty is $135, or 100 percent of the tax on the return. FAILURE TO PAY There’s no sense sugarcoating it: Taxes are a pain. Between the paperwork to keep track of and the complicated math, it’s easy to make a mistake. Unfortunately, even minor mistakes can turn into costly penalties. According to the SOI Source Book, the IRS collected $27 billion in penalties. Here are the largest three penalties imposed by the IRS every year. FAILURE TO FILE
fail to pay. If you file late and pay late, you will face combined penalties.
If you’ve struggled to avoid these penalties yourself, we can help. Give us a call at 844-229-8936 and let us help you deal with these and any other penalties you may face.
ACCURACY-RELATED PENALTIES
When it comes to inaccurate tax returns, the “substantial understatement” penalty and the “negligence or disregard of the rules or regulations” penalty are the most common. For individuals, a “substantial understatement” is greater than 10 percent of the correct tax, or $5,000. Penalties for “negligence or disregard of the rules or regulations” incur when you fail to follow IRS rules and regulations, often by not properly substantiating a tax position. These penalties can seem minor in the moment, but they add up fast. While it’s disheartening to be punished for easily avoidable mistakes, it’s important to remember the IRS can be forgiving. In 2016, the IRS forgive $9 million in penalties.
ZESTY ZUCCHINI ENCHILADAS
Ingredients
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4 large zucchini
1 tablespoon olive oil or ghee
1 large onion, chopped 2 cloves garlic, minced
2 teaspoons cumin
2 teaspoons chili powder
3 cups cooked, shredded chicken
2 cups shredded cheese
Directions
1. Heat oven to 350 F. In a large skillet, heat oil. Add onion, garlic, cumin, chili powder, and salt to taste. Stir to combine. Add chicken and 1 cup enchilada sauce. 2. Use vegetable peeler to thinly slice zucchini. Lay out three slices, slightly overlapping, and spoon chicken mixture on top. Roll the zucchini “tortilla” and place on baking sheet. Repeat until all zucchini and chicken is used. 3. Cover the enchiladas with remaining sauce and sprinkle with cheese. Bake 20 minutes, and enjoy!
[ Adapted from delish.com ]
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