Do you have late taxes to file in Honolulu or on Oahu? Get it done fast before penalties increase. Don’t miss out on years of future tax benefits. I can get you caught up – it’s easy.
Late or Back Taxes Tax Preparation and Filing Pricing
Our fees for tax preparation depend on the complexity of your tax return. Over all you can expect to pay significantly less than what you would be charged at one of the big mainland tax companies.
What we offer our clients is value. When you hire us you get top quality client service and tax expertise that you would expect to get only if you had paid much more.
File Late Taxes With Tax Services Oahu
We know that you are busy and we certainly understand how expensive everything can be here in Hawaii.
For some, it’s not easy to pay your taxes and make ends meet. We have to advise you, however, that it’s always worth it to get caught up on any late taxes. Don’t miss out on years of future tax benefits and credits!
It’s easy to get this done. We can even correspond electronically if you wish. This saves time and money.
Filing Late Taxes – What if I Can’t Pay?
- Size of Penalties. Did you know that the penalty for filing a late tax return is 5% per month until it reaches a maximum of 25%? What’s worse is that if you are more than 60 days late, the minimum penalty is the smaller of $135 or 100% of the unpaid tax. In contrast, when you file but end up paying late, the fees are only a half of a percent per month.
- Speed Counts. The late filing penalty continues to add up for 5 months – and it’s in addition to the interest charges – and the interest is imposed on both late taxes and late penalties. File right away to stop the power of compounding from working against you.
- Future Tax Benefits. Often times, you can get caught up on any debt owed to the IRS for filing late taxes simply by claiming tax credits and having them reduce your balance due by amount of credit you get. Refundable credit benefits like the Additional Child Tax Credit and the Earned Income Credit can end up being worth thousands. The good part is that once your balance due is paid off, any future credits go right into your bank account every year.
- Expiring tax Benefits. There are many deductions, credits, and elections that can only be taken up until the deadline or for a limited time after the tax return is due. Filing late tax returns could cause you to miss out on “free money”
Can I E-file Late Tax Returns?
It depends. As of now, the Federal and Hawaii State E-filing season extends for the most recent three years.
So if you are filing last year’s taxes, you can still likely e-file.
If you need to file tax returns prior to the previous year’s or if it is past the end of the 3-year filing season, then your returns must be mailed in. This is true for amended returns at this time too.
The IRS mailing addresses for mailing in late tax returns can be found here.
For a complete list of mailing addresses for late Hawaii Taxes look here.
The IRS is Holding My Refund Because of a Late Tax Return
This is pretty common. If you filed a recent tax return for a refund, but you are late filing a previous year’s tax return, the Department of the Treasury will “hold your tax refund hostage”. Most often you will get a letter explaining that once you bring your late tax filing up to date, they will send you your money.
If you are in this situation, don’t worry, you are not in trouble – but you may need to act fast. Many IRS letters requiring action on behalf of the taxpayer have deadlines. Many demand action within 21 days of notice.