If you don’t meet the tax authorities’ demands and comply with their regulations, you’re likely to get hit with tax penalties as punishment. There are a variety of different penalties that cover many different infractions, and it pays to know what you might be in for should you make an error or miss a deadline. Some of the most commonly issued penalties include:
- Late filing penalty
- Late payment penalty
- Penalty for underpayment of estimated tax
- Penalties for returned or dishonored checks
- Missing ID number penalty
- Penalty for failure to report tips
- Penalties for fraud or negligence
Perhaps you made a calculation mistake that resulted in not paying what you owed by the deadline. Maybe you didn’t realize the check you wrote would bounce. Or maybe your tax penalty is for what’s known as a “frivolous return,” which lacks the information needed to determine your tax liability.
Whatever the cause of your tax penalty, Taxation Solutions, Inc. can assist you. We’re Milwaukee’s best choice for experienced tax resolution services, able to guide individual and business taxpayers toward a future free from tax problems. We’ll aim to limit the fallout you face, presenting reasonable explanations whenever possible for your infraction. With a member of our team by your side, you stand your best chance of getting that tax penalty removed. Call today for more!