Filing Taxes Late? 10 Ways Tax Consultants Can Help

March 15, 2021

If you’re one of the millions of Americans who will owe a good chunk of cash come tax season, filing and paying on time can be a challenge. Even if you think you can’t pay, it’s essential to let the IRS know, so you can figure out your available options or make a repayment plan. Here at Geaux Tax Resolution, our expert tax consultants can help you address the situation as soon as possible, so you can avoid paying insanely high penalties and interest.  

In fact, if you think you won’t be able to make the April 15th deadline, the absolute worst thing you can do is ignore the situation. Every member of our friendly and talented staff knows firsthand how intimidating the tax process can be, and they’re here to help. Here are ten ways that our tax experts can help you if you’re at risk for filing taxes late.

Filing Taxes Late? 10 Ways Tax Consultants Can Help

1. Take Action for You

Once the deadline passes, it’s crucial to take action as soon as possible so you avoid incurring further interest, penalties, and fees. Here at Geaux Tax Resolution, we have a team of the best and the brightest tax consultants that are ready to help you right now.

The IRS doesn’t mess around; this is true. But, we have the know-how, the expertise, and the skills to deal with the IRS on your behalf and help you if you ended up filing taxes late.

2. Negotiate With the IRS

A professional tax accountant can also help you by negotiating with the IRS on your behalf. If you’ve ever filed your taxes before, then you know that the forms and paperwork you’re required to submit are jam-packed full of technical, dry, and intimidating legal terms.

At Geaux Tax Resolution, our professional tax accountants are never intimidated by the IRS or their complicated tax jargon. We’re experienced at negotiating with their agents, and we will go to bat for you to protect your interests and get you a fair deal.

3. Peace of Mind

One of the best benefits of hiring tax consultants to help you is the peace of mind they can give to you. If you’re at risk of filing taxes late, then it’s most likely something that’s on your mind and stressing you out.

Though handing over your tax problems to a professional doesn’t mean you can sit back and never worry about it again, the knowledge that you’re doing something about the issue is something that brings you some reassurance.

4. Thorough Consultation

One benefit to asking for help from a tax professional is the thorough consultation they give you. Here at Geaux Tax Resolution, we take the time and effort to get to know every single one of our clients.

We go through your past and present returns, look at how much you owe, and then brainstorm potential solutions to get you through this challenging time. All of our tax accountants are dedicated to helping our customers in any way they can.

5. Investigation

If you filed your taxes late, and you owe the IRS more than $10,000, then there’s a chance they could garnish your wages, order your bank to empty your account, or even placed a levy against your house. They can quite literally seize your property!

When you come to us here at Geaux Tax Resolution, we will immediately begin an investigation to put an end to any levies, garnishments, or seizures started against you.

6. Explore Your Options

When you’ve had action taken against you by the IRS, or even if you just filed your taxes late, we can explore all the options available to you to get your tax debt resolved as soon as possible.

We will contact the IRS with all of your information and figure out exactly how much you owe and the next step we should take. We never settle for the first offer, either—we put in the time and work to get you the best possible outcome and the fairest deal possible.

7. File an Extension

Typically, the IRS will grant you up to a six-month extension on paying your taxes. To be clear, filing your taxes late and paying your taxes late are two different things. We can help you if you filed late, haven’t paid yet, or need an extension for one or the other. Dealing with unpaid taxes can be a scary and uncertain time, and with the pandemic causing so much financial hardship this past year, it’s predicted that more people than ever will file an extension.

If you’ve experienced hardships because of the pandemic and you think you can’t afford to pay your taxes, we can help you with that. Even if you can’t afford to pay the entire amount at once, you should still file. However, if you haven’t filed or paid, don’t panic. The important thing to do is contact us so we can immediately take action. Once we can start an investigation and contact the IRS on your behalf, you can breathe a little easier knowing the problem is being solved.

8. Saves You Money if You Haven’t Paid Your Taxes

If you haven’t paid your taxes, you’re incurring acute interest, penalties, and fees every single day past the day it was initially due. The amount you will owe depends on how late you are. At a bare minimum, they will charge you compound interest starting April 16th. The IRS charges you 0.5% of your outstanding balance every month until you pay it off in full. However, they can only charge you a maximum of 25% of your total balance.

Uncle Sam also charges you for interest on the total outstanding balance. That calculation is based on the current federal short-term rate, plus three percentage points. We can help you set up a payment plan, so your monthly interest rate would drop to only .25% of the balance each month, as long as the payment plan agreement is active and current. This way, we’re cutting down the amount of interest they can charge you, saving you money in the long run.

9. Saves Money If You Haven’t Filed Yet

If it’s past April 15th and you’re filing taxes late, we can help you save money. The IRS charges you 5% of the outstanding balance every single month you haven’t filed. They can charge you up to 25% of the balance. If you’ve waited over two months past the due date, you also have to pay a fine of at least $205 or 100% of your unpaid taxes, or whichever of those numbers is smaller.

By hiring our expert tax consultants, we can help you save money if you haven’t filed yet. We will gather all your information, look into how long it’s been since the due date, and calculate your accrued interests and fees. Then, we will file for you as quickly as possible to mitigate the high late fees and penalties you will have to pay. If you’re panicking about filing late, take a deep breath, call us, and we can help you.

10. Prevents the IRS From Filing for You

If you have waited past the due date to file your taxes, the IRS can (and will!) file for you. This is called a substitute return, and the IRS will prepare this and file it away as your official tax return for that year. However, they do not take the time to go through your return and look for applicable deductions.

If Uncle Sam is forced to file for you, you will most likely end up owing a higher amount, or you won’t get as high of a refund as you typically would had you filed on your own or used a professional tax preparer. Here at Geaux Tax Resolution, our tax experts have the focus and attention to detail required to go through your returns with a fine-tooth comb to ensure you get the maximum amount of deductions possible.

If you have missed the deadline to file your taxes or haven’t paid them, the first thing to remember is not to panic. However, it’s imperative to take immediate action. We can help you with this: our tax experts will research your case, gather all your information, and start negotiating with the IRS so you get a fair deal. Contact us at Geaux Tax Resolution today for more information and let our experts help you get your outstanding tax balance taken care of right away.