What are the common pitfalls for Utahns who get into tax trouble?
Three of the largest monetary penalties assessed by the IRS in 2012 were filing tax returns late, not paying individual income taxes and failure to pay employer payroll tax deposits. Failure to file taxes one year can often trigger a domino effect over consecutive years. The best way to break the cycle is to file the return by the deadline, even if it’s partial. This will eliminate failure to file penalties of between 5 percent a...
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