If you missed the April 15 tax filing deadline and you haven’t filed your return or an extension, you may be wondering what happens next. The IRS has processes in place for late filers, and the sooner you file, the more you can limit fees and penalties. Keep reading to find out what steps you can take right now to get back on track.
What should I do if I miss the tax deadline?
If you’ve already missed the tax filing deadline, it’s not too late to get caught up. The IRS continues to accept tax returns after April 15. However, any taxes you owe were due by the deadline, so penalties and interest may apply. After Tax Day, it’s too late to request an extension, but filing as soon as possible can help limit additional fees.
The actual filing process will be the same as it is during tax season. Fill out your income tax return exactly as you would typically do. Then enter your W-2, 1099, or other income and tax reporting forms into TaxSlayer. When you file past the deadline, the main difference is the fees you may owe.
How do I file a state return late?
Missing the deadline can also impact your state return, but you can still file that late as well. There will most likely be some fees associated, but it is better to file than not file at all. Fill out the return for your state using TaxSlayer exactly as you would have under normal circumstances.
How to file late taxes
Filing late taxes can lead to penalties and interest, but the IRS provides options to reduce the financial impact. Find out if extra time applies to your situation, and use available relief programs when eligible.
Check whether an extension applies. Even if you did not request an extension, you may have additional time to file. The IRS gives automatic extensions for taxpayers affected by federally declared disasters. Extensions may also apply to military members and U.S. citizens living abroad.
File your return and pay as much as possible. If no extension applies, file your tax return as soon as possible. If you owe taxes and cannot pay in full, pay what you can to reduce ongoing interest and penalties. You may also request an IRS payment plan. If you are due a refund, you must file to receive it.
Request penalty relief if eligible. The IRS may remove penalties in certain situations. You may qualify for First-Time Abatement if you complied with tax filing and payment requirements for the past three years. Penalties may also be waived for reasonable cause, such as natural disasters, serious illness, or a family death.
Is there a penalty for filing taxes late?
If you do not file for an extension, you will likely owe a fee (unless you are expecting a refund). The fee for late filing is usually 0.5% of the tax owed for each month (or part of a month that a tax return is late), up to 25%. You will also owe interest on your late payments, at a rate of 0.5% per month, up to 25% of the unpaid tax balance.
The maximum penalty for failure to file and pay is 47.5% (22.5% for late filing and 25% for late payment). If your return is over 60 days
How do I know if my return was accepted?
Once you e-file your return, you should receive an email from the IRS within 48 hours that says whether your return was accepted or rejected. If your return was rejected, log back into your account, make any corrections, and resubmit it. If you file your late tax return by October 15th and it is rejected, you will have until October 20th to make any corrections.
Do I need to file taxes if I missed the deadline but am due a refund?
If you missed the filing deadline, but you know you’ll be receiving a refund, you can still file your tax return at any time without penalty. You must file a tax return within three years to claim your refund. The IRS will hold your refund until you submit your tax return.
You will not be charged a penalty if you don’t file, but the IRS won’t send your money until they have received your return. If you’ve ever skipped a year, remember that you must file your return within three years to receive any refund or earned income tax credit. After three years, you will lose your refund. As always, we stand by the IRS recommendation to file as soon as possible, whether you owe or are expecting a refund.
How do I pay my taxes and/or penalties if I filed late?
There are several payment options when filing your taxes. Pay via credit card, debit card, or have the funds directly withdrawn from your account. You can even pay online using authorized payment processors like Pay1040.com, PayUSAtax.com, and OfficialPayments.com. Most IRS offices will even accept cash. If you need a grace period, there is a penalty relief of six months for taxpayers with a certain income.
Are there payment plans for late filers?
Yes. The IRS offers three payment plans: one short-term and two long-term. The short-term plan is less than 120 days. There is no set-up fee, but charges may apply if you pay by card. Both of the long-term plans are for periods longer than 120 days. One plan is for direct debit, and the other is for any other electronic payment, check, or money order.
What happens if I don’t pay my taxes?
If you choose not to pay taxes by the deadline, the IRS will continue to fine you and charge you interest until the full amount is paid. In many cases, the IRS will calculate your amount due based on a substitute return. This return will be calculated based on information they receive from other sources and usually will not come out as favorable as your self-prepared return. Once the IRS establishes an amount due, they can place a levy on your wages or bank account or a lien on your property. If things progress, they can send you to jail.
Filing an extension and paying your taxes by the deadline will always be better than putting it off.
Can I amend a late tax return?
Yes, you can amend a late tax return. As long as you file the original return, even after the April 15 deadline, you can later submit an amendment to correct errors or add missing information
