The deadline for tax extensions is quickly approaching! This year’s deadline is October 15, 2024. An extension gives you extra time to file your taxes, but not extra time to pay.
Sometimes time escapes you and suddenly you have several years’ worth of taxes to file. While it certainly feels overwhelming, there are some action plans you can take to remedy the situation.
If you have three years from the original due date to file and get any refund the IRS owes you, but you’ll still need to file even if it’s beyond three years. If you owe taxes, you’ll owe them money, plus penalties and interest, no matter how many years have passed.
Even if you don’t have the money to pay what you owe, you need to file your tax returns promptly so you can avoid the penalty for late filing. If the deadline has already passed, then the sooner you file the better. If you don’t, the late filing fee penalty continues to get bigger as you continue to ignore filing. We can assist with setting up a payment plan even if our office didn’t prepare your return.
If you need to file your taxes or need help with a payment plan, please contact your local tax professionals at Meadville Tax Service at info@meadvilletaxservice.com or by calling 814-333-2488.
