Whether you work for a stable company and receive regular paychecks or freelance full-time with a sporadic income, tax preparation probably seems daunting. There are a lot of tax laws to keep track of, and few people who aren’t CPAs or accountants understand them all. If you need help preparing your taxes, turn to Erie & Associates, P.C. in Texarkana, TX, and read on to learn why filing your taxes on time is important.

If you fail to submit your tax return by the IRS’s annual deadline of April 15, you face a variety of penalties, interests, and fees, which only serve to increase your existing tax liability. Many people file late because they’re overwhelmed by all the financial jargon and tax forms, but Erie & Associates, P.C. is always willing to help.

If you have a specific question about your tax liability, an accountant or financial planner who specializes in tax preparation is a great resource. Depending on your particular situation, you may even be able to deduct the cost of your tax preparation services when you file the following year. Paying a CPA to file your taxes on time also saves you money in penalties and fees down the road, and in this sense, it often pays for itself.

As far as specific fees, the IRS charges a penalty of 5% of the total amount due every month your taxes are late. If you continue to fail to file your taxes on time or at all, you could even face legal trouble, and the longer you put off filing, the easier it is to forget about doing so.

If you need help with your taxes, the professional CPAs at Erie & Associates, P.C. in Texarkana are prepared to guide you in the right direction. Visit the website to learn more about the services available, and call (903) 792-6651 to talk to an accountant today.