It's May — Here's What You Need to Know About Taxes | PRZ CPA
As the spring season settles in, many assume tax season is behind us. While the April filing deadline may have passed, May is a crucial time for taxpayers and business owners to stay ahead of financial and tax planning. At PRZ CPA , we’re here to ensure you stay informed, compliant, and on track for financial success throughout the year. 1. Missed the April 15 Deadline? Here's What to Do If you didn’t file your federal tax return or request an extension by April 15, it’s important to act quickly. Penalties and interest can add up the longer you wait. Here’s what you can do: File ASAP : Even if you can’t pay your full balance, filing reduces the late filing penalty. Set Up a Payment Plan : The IRS offers installment agreements if you’re unable to pay in full. Contact PRZ CPA : We can help assess your situation, file your return, and negotiate with the IRS if needed. 2. Quarterly Estimated Tax Payments: Next Deadline is June 17 If you're self-employed, own a busi...