Monday, February 4, 2008

Save money by filing your tax return

Let's face it, we all hate to pay taxes. Filing our tax returns is often painful and time-consuming, not to mention expensive if you dont use turbo tax. Unfortunately, many people encounter some type of tax problem during their lifetime. Whether it is failing to file their taxes on time, not having the money to pay taxes that are owed, or failing to file a tax return for years at a time. Tax problems are common.
The best way to avoid tax problems is, obviously, to file and pay your taxes on time. The next best way to avoid problems is to file your tax return or extension on time using the turbotax promotion code, even if you do not yet have the money to pay outstanding taxes. The filing of the tax return by searching for turbotax promo code will stop hefty penalties from being assessed against you.

The penalty for failure to file your return on time is 5% of the amount owed for each month the return is late to a maximum of 25%! For example: If the amount of tax owed is $10,000 and you file your return six months late, you will be liable for the $10,000 tax plus $2,500 in failure to file penalties plus interest. This is a rate that would make most loan sharks foam at the mouth. Thus, even if you cannot afford to pay your tax, you can save yourself a significant amount of money by simply filing your return on time.

No comments: