You Missed the Filing Deadline, Now What?

You Missed the Filing Deadline, Now What?

When was the tax filing deadline? For most taxpayers, the tax filing deadline was Tuesday, April 18. However, certain taxpayers have filing due dates after April 18, including,


Members of the military who served or are currently serving in a combat zone. They may qualify for an additional extension of at least 180 days to file and pay taxes.


Support personnel in combat zones or a contingency operation in support of the Armed Forces. They may also qualify for a filing and payment extension of at least 180 days.


Taxpayers outside the United States. U.S. citizens and resident aliens who live and work outside the U.S. and Puerto Rico, including military members on duty who don't qualify for the combat zone extension, may qualify for a two-month filing and payment extension.


Some disaster victims. The IRS gives taxpayers who qualify for disaster relief have more time to file and pay what they owe.?


What to do if you missed the filing deadline. The IRS says that anyone who missed the filing deadline on Tuesday, April 18, should file as soon as possible. While taxpayers expecting refunds won't be penalized for late filing, taxpayers who owe taxes and missed the filing deadline will be subject to penalties and interest for late filing and late payment, according to the IRS.?


Note. Penalties and interest apply to any taxes owed after April 18 and the IRS charges interest on tax and penalties until the balance is paid in full. Filing ASAP and making as large a payment as possible will limit the penalties and interest.?


What if I can't pay what's due? The IRS notes that taxpayers should always file even if they can't afford to pay the taxes due. The IRS offers a variety of options for taxpayers who owe the IRS but cannot afford to pay, including a self-serve installment agreement. Taxpayers who are unemployed or under other financial stress can call the IRS to discuss other relief options.


Note. Filing and paying as much as possible as soon as possible is key because the late-filing and late-payment penalties and interest add up quickly.


In addition, taxpayers who have filed and paid timely for the past three years and meet other requirements may qualify for penalty relief.


Do I need to file? Taxpayers who aren't required to file because they don't make enough money, should review their tax documents to see if any federal income tax was withheld from their pay. According to the IRS, every year, more than 1 million taxpayers who have a refund coming don't file a return to claim it.


Taxpayers only have three years to claim a refund. For example, taxpayers who didn't file a return for 2019 (due in 2020) are running out of time to collect any refund due for that year. The deadline for claiming a 2019 refund is July 17, 2023.


In addition, taxpayers with low incomes who aren't expecting a refund should file a return to access certain refundable credits like the Earned Income Tax Credit and Child Tax Credit. The IRS encourages taxpayers to use electronic filing options like IRS Free File, which is available on IRS.gov through October 16, to claim any refundable credits they may be entitled to.


Where's My Refund. Taxpayers who have filed and are expecting a refund can use the IRS' Where's My Refund? tool to track their refund. Taxpayers will need the primary Social Security number on the tax return, the reported filing status and the expected refund amount to access their refund's status.


Note. Refund status information updates once daily, usually overnight, so there's no need to check more frequently.

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Amit Chandel CPA, CTS, CTP, CExP, CTRS, LLM(Tax) Author的更多文章

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