Small Business Average Tax Penalty
Did you know the average tax penalty small businesses pay to the IRS is $845? According to the IRS 40% of small businesses pay this penalty for incorrect payroll filings and payments. And…. the top 3 penalties for not making federal tax deposits timely are:
Failure to deposit — penalty % rates range from 2% for up to 5 days late, to 15% for more than 1 day after your first bill from the IRS.
Failure to File — penalty is 4.5% of unpaid tax per month, up to 22.5% of your unpaid taxes.
Failure to pay — penalty is 0.5% month of unpaid tax, then 1% per month after your Notice of Intent to Levy, up to 25% of your unpaid taxes.
We prepare tax returns as well as give 2nd opinions. Let us help you avoid any penalties. Contact us today and we’ll help you keep the money in your pocket and not Uncle Sam’s.