What To Do If You Missed the Tax Deadline
Did you miss the tax deadline? Don’t worry, there are still some things you can do to minimize the consequences. In this blog post, I’ll outline what to do if you missed the tax deadline and what penalties you may be facing. We’ll also provide some tips on how to get back on track with your taxes. So read on for all the details!
If you missed the tax deadline, the first thing you should do is file your return as soon as possible. The sooner you file, the smaller the late-filing penalty will be. Even if you filed an extension, that only protects you from filing your returns late, it does not protect you if you owe a balance. The extension is not an extension of time to pay. A lot of people get this confused.
So if you owe a balance and you didn’t file an extension, you’ll be subject to a late-filing penalty. The penalty is usually five percent of the unpaid taxes for each month (or part of a month) that the return is late, up to a maximum of 25 percent. If you’re more than 60 days late, you’ll also have to pay a minimum late-filing penalty.
In addition to the late-filing penalty, you’ll also owe interest on any unpaid taxes and the interest compounds daily.
If you’re having trouble paying your taxes, the IRS offers a few payment options. You can request an installment plan, which will allow you to make monthly payments towards your tax bill. You may also be eligible for a hardship extension, which will give you more time to pay your taxes. However, interest and penalties will continue to accrue during this time.
If you’re reading this, it’s probably because you missed the tax deadline. Don’t worry, you’re not alone. In fact, according to the IRS, around 20% of taxpayers miss the deadline every year. But that doesn’t mean you still can’t get your taxes done and get them done the right way.
If you’re looking for a highly qualified an experienced tax professional who can get you the best results for your situation, I am here to help and I service the entire U.S. Wondering if we’ll be a good fit? I primarily serve self employed people and small business owners in various industries. If you work for an employer, but you also have a business or own rental property, or freelance, etc, that can be a good fit as well. Contact me today! My waiting list grows daily.
Hi! My name is Ktasha (“Tasha”) and I’m a small business guru who specializes in helping Small Business Owners with their taxes and overall business. I know it can be tough to keep track of everything and keep it all together when you’re trying to run a business, so let me help you out! I offer service packages as well as Consulting and Coaching that will take the stress out of your business affairs. I’m sure you’re amazing at what you do, but you might need more support with figuring out how this whole “business ownership and business operations” thing works.