Oops! Missed the Tax Day deadline? Don’t fret, we’ve got you covered!
If you missed the Tax Day filing and payment deadline, it’s important to know your obligations and what might happen if you don’t file or pay those overdue taxes. But hey, nobody’s perfect, right? Let’s dive into what you should do.
For those who owe taxes: If you didn’t file and owe taxes, don’t panic! Just file your return as soon as possible and pay as much as you can to minimize penalties and interest. Electronic filing options, like the ever-helpful IRS Free File, are still available on IRS.gov until October 16, 2023. Talk about a helpful extension!
Remember, time is of the essence since late-filing and late-payment penalties can add up faster than you can say “tax evasion.” But don’t worry, some taxpayers may qualify for penalty relief. Just give the IRS a call and explain why you couldn’t file and pay on time – they might just cut you some slack.
If you’ve been a good taxpayer and filed and paid on time for the past three years, you may qualify for administrative penalty relief. Head over to the first-time penalty abatement page on IRS.gov for more details.
Military personnel, rejoice! If you’re in the military, you can still use MilTax, a free tax resource offered by the Department of Defense. Eligible taxpayers can file a federal tax return and up to three state returns for free – now that’s a salute-worthy deal!
Extra time for some: Some taxpayers may have extra time to file their tax returns and pay any taxes due. This includes disaster victims, taxpayers living overseas, certain military service members, and eligible support personnel in combat zones.
Didn’t need to file? If you didn’t earn enough money to be required to file, you generally won’t receive a penalty if you’re owed a refund. However, you might miss out on getting that refund – and who wants to leave money on the table?
In conclusion, don’t let the missed deadline get you down. With a little knowledge and quick action, you’ll be back in Uncle Sam’s good graces in no time. So, take a deep breath, grab a cup of coffee, and let’s tackle those taxes!
***Disclaimer: This communication is not intended as tax advice, and no tax accountant -client relationship results**