In this space I will feature questions posed by my actual clients - with my answer. Please feel free to use the Contact Us page to ask your questions.
File on Time!
Should I save up my taxes for a few years then file all at once?
So....., in a nutshell - NO!
If for some reason, you cannot file your taxes on time, DO NOT wait until next year. Get it done as soon as you can! Even if you may be getting a refund.
1 - The longer you wait to file when you owe, the more penalty and interest you will pay for filing and subsequently paying late. Get it filed then call and make a payment arrangement. If you avoid the letters and the phone calls, there will be no "arrangement". They will freeze bank accounts and seize personal and business assets.
2 - If you ARE getting a refund, the Government is NOT going to pay you interest on what they owe you, unless you can prove the late payment is their fault. Good luck with that. Get it filed and get your money and invest it, spend it or what ever. Just don't leave it with them!