How to Avoid Paying IRS Penalties!

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In this video, Navi will discuss the 3 most common IRS penalties that individuals and businesses may face, and provide you with easy-to-follow tips on how to avoid them. By understanding the IRS penalty system and implementing these simple strategies, you can protect yourself from costly fines and consequences. Stay informed! Enjoy watching!
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CHAPTERS
00:00 Introduction
00:54 Penalty 1: Failure to File - Individual Tax Returns
02:21 Penalty 2: Failure to File - Business Tax Returns
04:47 Penalty 3: Failure To Pay
11:25 Final Thoughts
Disclaimer:
This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation. Some of the links above are affiliate links which means that if you purchase a product or service with the provided link, I may receive a commission with no additional cost to you.
© Navi Maraj CPA PLLC. All rights reserved.
#IRSPenalties #TaxTips #TaxAdvice #TaxPlanning #TaxAvoidance #FinancialStrategy #IRSCompliance #TaxPreparation #BusinessFinance #PersonalFinance

[@bflgroupieninja4370]

Great video! Thank you. Even more ridiculous is getting a penalty letter even though I overpaid taxes the previous year by $7K, and already got my refund. Then got a letter for penalty of 117.00. This happened because I started a 1099 job in September but didn’t get paid until after the 3rd quarter deadline so I didn’t think I was required to make an estimated tax payment until 4th quarter, which I did pay. This video helped explain why I should have paid something in September 2023, even though I technically hadn’t had the benefit of actually being paid at the time. That was 117 lesson!

[@seans2876]

I remember there is a way the underestimated penalty can be waived if certain requirements met. Right?

[@mohinder4chd]

Keep posting please. Great content

[@bhuni]

I need a CPA like you :)

[@zmack1830]

A fair estimate of the percentage penalty could have made the video more comprehensive!

[@NaviMarajCPA]

Agreed but it’s a complicated calculation that changes as interest rates change and I wanted the video to be evergreen.
The IRS penalty factors in the total underpayment amount, period when the underpayment was underpaid, and Interest rate for underpayments (This number changes each quarter. View the IRS Interest on Underpayments and Overpayments page for specific numbers.)
Appreciate the feedback though and if I reshoot in the future, I will consider providing an example.