When it comes to filing your federal taxes, missing the deadline can have serious consequences. The federal tax deadline was on April 15 for most filers, and if you missed it, it is important to file your return and pay your balance as soon as possible. If you still owe taxes for 2023, you’ll continue racking up penalties and interest until you file and pay your outstanding balance, according to the IRS. The late filing penalty is 5% of your unpaid balance per month or partial month, capped at 25% of your balance. The fee for failure to pay is 0.5% per month or partial month, with a maximum fee of 25% of unpaid taxes. Interest is based on the current rates.

“The longer you wait to file, the bigger the risk of higher penalties and interest from the IRS and state,” said Mark Steber, chief tax information officer at Jackson Hewitt. This means that it is crucial to take action as soon as possible if you missed the deadline. However, rushing to file a return without all the necessary information can also lead to problems. A return needs to be completely accurate, with no guessing or estimating, as missing information could result in an audit or processing delays.

If you missed the federal tax deadline, there are still options available to you. Some filers in disaster areas automatically have more time to file and pay taxes owed. Additionally, there are several online choices for late tax payments, including IRS Direct Pay and your IRS online account. If you are unable to pay your tax balance in full, the IRS offers various payment options, including payment plans.

Payment Plans

Depending on the amount you owe, you may qualify for different payment plans. A short-term payment plan may be available if you owe less than $100,000, allowing you up to 180 days to pay in full. A long-term payment plan could be an option if your balance is less than $50,000, requiring you to pay monthly with up to 72 months to pay off the balance. Additionally, you may qualify for first-time penalty abatement, which can provide relief from certain penalties, depending on your past compliance with the IRS.

If you missed the federal tax deadline, it is important to take immediate action to file your return and pay your outstanding balance. Delaying the process can result in higher penalties and interest, making it essential to address the issue as soon as possible. While it is crucial to file an accurate return, rushing without all the necessary information can lead to potential problems. By considering the available options for late filers, such as payment plans and penalty abatement, you can effectively address any issues resulting from missing the tax deadline.


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