Many people do not realize that the IRS charges you a penalty of up to 25% for just filing your tax return late. That’s 25% of what you owe. This includes Individual Tax returns, Payroll Tax returns, or corporate tax returns.
What people don’t know is that you can file ANY tax return on time and Avoid the 25% penalty even if you don’t send in the money, which is owed on the tax return.
Yes, of course you’ll get some ugly mail from the IRS for not sending in the money owed, but so what, you will have avoided a 25% penalty.
We could have saved many people thousands of dollars on penalties if they just knew this one thing. So, in the future, no matter what is going on in your life, file all tax returns on time even if you don’t send the money owed with the return.