IRS Penalties, Interest, And Ways To Reduce Your Tax Liability

There are a lot of false promises being made to consumers by representatives concerning the removal of interest and penalties. Many people use that as a way to justify paying representation fees." If you can save me $20,000. of interest and penalties, I will gladly pay you $2,000." is an example. Unfortunately, interest is hardly ever waived, and penalties are not waived nearly as often as people are led to believe. Removing penalties on your first late personal tax return Form 1040 should be easy. It's pretty much a given. After you pay the liability you can call and request a penalty removal. Just tell them that you forgot to file on time, or thought that you did. Or you could fill out Form 843 claim for refund. I would still try to prove reasonable cause and not willful negligence was the reason.

Source: http://EzineArticles.com/5799369

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