The deadline to file and pay your taxes was July 15. If for any reason you couldn’t file on time, don’t worry; you still have some alternatives, although it’s important to take action now to avoid penalties and interest. Keep reading to discover what’s the best course of action depending on your specific situation.
You May Have More Time
Some taxpayers get more time to file and pay their taxes. You may still be able to file on time if you belong to any of the following categories:
- Members of the military who served or are currently serving in a combat zone.
- Support personnel in combat zones or a contingency operation in support of the Armed Forces.
- Some disaster victims.
There Is No penalty for Filing Late if a Refund Is Due
There is no penalty for filing after the deadline if a refund is due. When you file your taxes, make sure your return is prepared and filed electronically. This is usually the best option, but now there are even more reasons to choose electronic filing. The IRS is experiencing delays in processing paper tax returns due to limited staffing. Therefore, you may have to wait significantly more for your return if file a paper return.
once you file, checking the status of your refund is easy using the online tool Where’s My Refund on the IRS website and the mobile app IRS2GO. (You can also contact the IRS by phone at 800-829-1954). In order to track your refund, you’ll need your Social Security Number, your filing status (single, married, or head of household), and the expected amount of your refund.
File to Reduce Penalties and Interest
Normally, the penalty for failing to file your taxes on time is 5% of the tax owed for each month or part of a month that a return is late. However, if a return is filed more than 60 days after the due date, the minimum penalty is either $435 or 100% of the unpaid tax, whichever is less. Filing and paying as soon as possible is important because the penalties for failing to file and failing to pay can add up quickly.
You May Qualify for Penalty Relief
Some people who missed the filing and paying deadline may qualify for penalty relief. You may qualify yourself if you have paid and filed your taxes on time for the past three years and meet other requirements. You can find more information about penalty abatement here.
What to Do if You Requested an Extension to File
If you are among the taxpayers who requested an extension to file, remember that your deadline is now Thursday, October 15. If you haven’t begun the filing process this is the right time to contact a tax professional who can guide you and answer all the questions you may have.
Here are some posts you may find useful to learn more about taxes and stimulus initiatives by the IRS.
- 5 tips to keep in mind when you file your taxes
- The options available to those who can’t file or pay their taxes by July 15
- Make sure to do this small thing when you get your Economic Impact Payment
- What to do if you misplace your Economic Impact Payment Prepaid Card?
The IRS regulations are adjusted constantly, so it’s important to stay updated. You can check the IRS website or this blog to get the most recent information related to taxes. Additionally, it’s also a good idea to get advice from an expert who can help you get advantage of the relief initiatives unrolled by the government.
At Meadville Tax Service we have the know-how and the drive to assist you so you can file your taxes efficiently, limiting your tax liability while staying compliant with federal tax regulations.