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May 2024

You Missed the Tax Deadline. Now What?

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If you missed the April tax filing and payment deadline, you should file as soon as you can. If you missed the deadline to file and owe taxes, you need to file quickly to minimize penalties and interest. And keep in mind that payments were still due by the April 15 deadline, even if you requested an extension of time to file a tax return. An extension to file is not an extension to pay.

If you owe tax…

If you still owe taxes, you should file your tax return and pay any taxes owed as quickly as possible to reduce penalties and interest. Until the balance is paid in full, interest and penalties accrue on taxes owed.

Even if you can’t afford to immediately pay the full amount of taxes owed, you should still file a tax return and pay as much as possible. This reduces interest and penalties on the outstanding amount and may help avoid a possible late-filing penalty.

You may qualify for penalty relief if you have filed and paid timely for the past three years and meet other important requirements, including paying or arranging to pay any tax due. Contact our office for more information.

If don’t owe tax or are owed a refund…

If you chose not to file a return because you don’t earn enough to meet the filing requirement, you might have missed out on receiving a refund due to potential refundable tax credits. Some examples of these refundable tax credits are the Earned Income Tax Credit and Child Tax Credit. Many eligible people fail to file a tax return and claim a refund for these tax credits. Don’t be one of them!

There’s no penalty for filing after the April 15 deadline if a refund is due. However, you should still consider filing as soon as possible so that you can receive your refund.

Some people have extra time to file

Some people automatically qualify for extra time to file and pay taxes due without penalties and interest, including:

  • People in certain disaster areas. There’s no need for these taxpayers to submit an extension; extra time is granted automatically due to the disaster.
  • U.S. citizens and resident aliens who live and work outside of the United States and Puerto Rico.
  • Members of the military on duty outside the United States and Puerto Rico, and those serving in combat zones.