Did you know a billion dollar company got its start when two guys in San Francisco were late on their rent? Lets go back to 2009. Gas hovered around $2.75 a gallon and droves of music fans wept at the loss of the King of Pop. Our two heroes were struggling to come up with the funds needed to keep a roof over their head. They came up with the idea to rent three air mattresses in their modest apartment. Two men and a woman showed up, shelling out $80 each to sleep on the inflatable beds. From there, the two men created a company, AirBnB that is currently valued at over $10 billion dollars.
Being late can lead to inspiration, but it won’t do you any favors with the IRS. You may be subject to two penalties if you’re late filing your tax return and owe tax on said return. If you file your tax return more than 60 days after the due date or the extended due date, the minimum penalty for late filing is either $135 or 100% of the unpaid tax, whichever is smaller. The failure-to-pay penalty is usually 0.5% per month of your unpaid taxes. It applies for every month your taxes stay unpaid and begins increasing the day after taxes are due.
Strive Accounting and Tax Solutions can solve this problem and make sure it stays solved. Our tax program is designed to find the maximum amount of tax benefits available and ensure that your returns are filed on time and correctly. Don’t wait until you find an IRS penalty statement waiting inside your mailbox. Get in touch with one of our skilled account managers by calling 757.269.9099 or visit strivecpa.com to find out more about our many programs and options. Be sure to follow us on Twitter @Strivecpa and follow our blog to learn more savvy tips for your finances or small business.
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