Ralph & Sue

April is the month where you will find yourself rushing all over trying to meet the deadline of filling your tax returns. Many people are of course filling their taxes but there are a lot more who are paying tax penalties because of late filling. There are actually a lot of ways to avoid late filling of taxes. There are of course online services that would help compute for all the taxes you have to pay and just e-mail it easily to you. But the question is that are these online sites credible enough in filling out necessary data on your State Income Tax Forms and Federal Tax Forms?

Often times some these tax online services are not that credible and may give some problems when you already submit your forms. If you want competent and trustworthy persons to handle you Federal Tax Forms and State Income Tax Forms you may want to have E-File-Tax-Returns.com. Their agency helps you consolidate you tax faster. They have software that helps you fix all the data you need for your taxes. The software is easy to use that covers different federal forms and can support even different state returns like California , Connecticut and even Pennsylvania . They as well have an e file tax return that electronically connects your tax returns to the IRS giving you the chance to save a lot of time, effort and money. Just one click and that does it all.f

Here are some of the penalties if ever you forget to file or if you filed the incorrect (either intentional or unintentional) tax returns:

For unpaid taxes, penalty is ½ to 1% of taxes unpaid for each month or part of the month after the tax due date. For filing late, penalty is 5% per month of net tax due up to 25%. If the tax return is late for more than 60 days, the minimum penalty is $100 or 100% of tax owed, whichever is lower. For inaccurate returns, maximum penalty is 20% for underpayments that greatly understate income tax (underestimating by at least $5,000 or 10% of the correct tax). Taxpayers who can give reasonable cause for not filing, for filing late, or for filing inaccurate returns may be excuse from paying the penalty.

And lastly, for fraud, the penalty is 15% for each whole and part month with a maximum penalty is 75%.

Welcome! We are Ralph and Sue and we’ve been business partners for almost 10 years. We’ve decided to create a blog to share our knowledge regarding business, finance and economy and to share some of our personal experiences as well. Hope you will enjoy reading our posts. Bye!