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Tax Compliance Filing Requirements and Associated Fines

Zenith Tax Pro is one of the CPA firm and provide expert Tax & Accounting LLC services in Florida. Contact us today 1 (772) 236-7536.<br>Our dedicated team offers Expert Tax Planning and Preparation, Meticulous Bookkeeping and Financial Reporting, Payroll Management, and Small Business Accounting support. Weu2019re here to assist with Financial Planning and Analysis, QuickBooks Consulting & Implementation. https://www.zenithtaxpro.com/

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Tax Compliance Filing Requirements and Associated Fines

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  1. TAX COMPLIANCE: FILING REQUIREMENTS AND ASSOCIATED FINES www.zenithtaxpro.com

  2. Classes of Tax Filings 1. Individual Tax Returns (Form 1040) • Failure to File Penalty: 5% of unpaid taxes per month (up to 25%). • Failure to Pay Penalty: 0.5% of unpaid taxes per month (up to 25%). • Interest Charges: Accrued daily on unpaid taxes.

  3. 2. Business Tax Returns • Partnerships (Form 1065): • Filing Deadline: March 15 (September 15 with an extension) • Penalty for Late Filing: $220 per partner per month (up to 12 months). • S Corporations (Form 1120-S): • Filing Deadline: March 15 (September 15 with an extension)

  4. 3. Payroll Tax Filings (Form 941, 944, 940) Filing Frequency: Quarterly (Form 941) or Annually (Form 944, Form 940 for FUTA tax) Penalties for Late Filing: 2% for 1-5 days late 5% for 6-15 days late 10% for more than 16 days

  5. Total Available Market (TAM): • Serviceable Available Market (SAM): • Serviceable Obtainable Market (SOM) • 10 Billion • 5 Billion • 1 Billion 4. Sales Tax Filings

  6. Avoiding Tax Compliance Issues • To stay compliant: • Maintain accurate records and track all income and expenses. • Use payroll services to ensure timely payroll tax deposits. • Consult a tax professional to understand tax obligations. • Utilize tax software or professional assistance for accurate filing. • Set calendar reminders for tax deadlines.

  7. Businesses should implement proper accounting systems, hire a CPA or tax professional in Port St. Lucie Florida, and set up reminders for filing deadlines to avoid penalties.

  8. Phone Number • Email Address • Website • Contact Us • 1 (772) 236-7536 • askme@zenithtaxpro.com • www.zenithtaxpro.com Offer valid for new clients on their first service. Experience the zenith of financial expertise.

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