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Tax Tip of the Week
For the week of
May 6, 2002

Better late than never

If you have not yet filed your 2001 income tax return and you did not file for an extension, file your return now. If you owe money on the return, the penalty for late filing will continue to grow until you file.

You should file your tax return even if you can't pay all the tax you owe. By filing on time, you avoid the late filing penalty on the tax owed of 5% per month, up to a maximum of five months. To eliminate additional 5% per month late filing penalties, file now. By paying as much of the amount you owe as possible, you'll reduce the amount of interest and late payment penalty charges.

If you cannot pay the full amount of tax due with your return, you can ask to make monthly installment payments to the IRS. You will be charged interest and late payment penalties on any tax not paid by April 15. But at least you will not be paying additional 5% per month penalties for not filing.

If you haven't filed your return, the problem will not go away by itself. File your return, and if you can't pay the tax owed, inform the IRS of your current financial situation.

We will be happy to assist you with all your tax filing and planning matters. Please give us a call. If you are not a current client of our firm, call anyway. We will see to it that you pay no more to the IRS than the law requires.


Prior Tax TipsClick here to view previous tax tips.

"Tax Tips" are published weekly to provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders, and current tax information.

The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.

If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax-cutting information from time to time, please contact our office. We're here to help.

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