If you missed the April 15 filing deadline, you should submit your tax return as soon as possible. And if you missed the deadline to file but owe taxes, you should file your tax return as quickly as possible in order to avoid penalties and interest.
Requesting an extension allows for additional time to file but not to pay taxes owed. If you owe taxes, you should file your tax return and pay as soon as you can. Interest and penalties will continue to accrue on the owed taxes until the balance is paid in full.
File and pay now to limit penalties and interest
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. The IRS offers options for taxpayers who need help paying their tax bill. Contact our office for more information.
If a refund is owed, consider filing a tax return
There’s no penalty for filing after the April 15 deadline if the IRS owes you a tax refund, but you may lose out on some benefits if you don’t file. For example, taxpayers who choose not to file a return because they don’t earn enough to meet the filing requirement may miss out on receiving a refund due to potential refundable tax credits, such as the Earned Income Tax Credit and Child Tax Credit.
We can help
If you haven’t yet filed a tax return, we can help you sort through he issues involved. Contact our office, and we would be happy to assist.