I did not file my tax return by April 15th. What should I do now?

Perception is something we all fall victim to sometimes. Maybe you forgot your credit card at home or have a last-minute meeting at work that makes your friend wait for 15 minutes at a restaurant. Or, you might get to work late because the regular bus leaves. only While you arrive at your stop.

Likewise, you may find yourself in a situation where you file your taxes late, that is, after the April 15 deadline. That’s not the best situation. But ultimately, it may not be such a dire situation.

consequences of tardiness

If you file your tax return after April 15th and are due a refund, nothing bad will happen other than you’ll have to wait longer for the money to hit your bank account. However, if you owe money to the IRS and file your tax return late, there are two penalties.

• The late payment penalty is 0.5% of the unpaid tax bill for each month or the portion of the month the return is delinquent, up to a maximum of 25%.
• The penalty for failing to file is 5% of your unpaid tax bill for each month or the portion of the month your return was late, up to a maximum of 25%.

This means that if you file your taxes after April 15 and owe $1,000, you will be assessed a $5 per month or partial monthly penalty for late payments and a $50 monthly or partial monthly late payment penalty for late filing.

What to do if you miss the tax deadline

If April 15th has already passed, your best bet is to file your taxes as soon as possible. If you’re due a refund, you’ll receive your money sooner. And if you are in debt, you can minimize the penalties mentioned above.

one thing you don’t But what you want to do is apply for a tax extension. A tax extension gives you an additional six months to file your tax return without paying a non-filing penalty. However, you must request an extension before April 15 for it to apply. If the deadline has passed, don’t bother requesting an extension.

If so, some people will have more time to file their taxes after the April 15 deadline without an extension. If you are a military member in a combat zone, you automatically have an additional six months to file with the IRS.

Residents of certain states who were affected by severe storms or events earlier this year or last year have until June 17 to file their taxes. These include:

• California
• Connecticut
• main
• Michigan
• rhode island
• Tennessee
• Washington
• west virginia

In these states, additional hours may be available only to residents of certain counties. If you are unsure what filing deadline applies to you this year, please contact the IRS or a local tax professional.

Overall, after missing your tax filing deadline, it’s best to take action as soon as possible. But don’t automatically assume that you will suffer financially if you are late. If you act quickly, you may face minimal or, in some cases, no penalty at all.

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