What To Do If You Missed The Deadline For Taxes?

There are two things that are certain in life. Death and taxes will always be there.

When it comes to taxes, you must file by the deadline. While the day varies, the deadline for filing taxes falls in mid-April.

Data shows that a third of Americans wait until the last minute to do their taxes. This is a bad idea as it can lead to missing the deadline for taxes.

Filing late isn’t the end of the world, but it’s important you take action if you miss the deadline. You must know what to do if this happens to you. Read on to learn what to do if you miss the deadline.

File For An Extension

If you miss the deadline for taxes, you should file for an extension. You must file for one as soon as possible.

There are two reasons why you should file for an extension. First, you’ll want to push back the tax filing deadline. The extension will allow you to do this.

The extension will also help you avoid penalties. The IRS can issue penalties for forgetting to file. These can add up fast, so you want to make sure to avoid them.

Having to deal with penalties can bring on a headache. It’s best to hire tax lawyers to help you address this problem.

If you file for an extension, the IRS may extend your filing deadline to October. You should note that the extension doesn’t extend the time to pay your taxes. You must still pay those on time.

What If You Don’t Ask For An Extension?

You might decide against asking for an extension. The consequences of not asking for one differ. You’ll need to determine if you owe the IRS money or if it owes you a refund.

Let’s say you’re getting a refund from the IRS. If this is the case, you won’t incur a penalty for failing to meet the deadline for filing taxes. This applies even if you don’t ask for an extension.

If you have a balance due, the case will be different. Your penalty might end up being 0.5% per month. You’ll likely have to pay interest as well.

Things To Keep In Mind

You should know that there’s no statute of limitations. Uncle Sam won’t stop until you pay your income taxes. The IRS can go back to collect taxes.

There are options available if you have trouble paying the IRS. You may be able to make credit card payments. You may also be able to pay in installments.

It’s a good idea to use the tax services offered by tax professionals. They can help you stay on top of your tax returns.

Take Action If You Miss The Deadline For Taxes

If you miss the deadline for taxes, you must take action. Don’t be a sitting duck. Use this guide to help you decide what you must do if you fail to file your tax returns on time.

Check out the other articles in our blog to get more amazing and informative information.

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