The Internal Revenue Service (IRS) urges taxpayers who missed the tax filing deadline to submit their returns as soon as possible. Those who did not file on time and owe taxes should file promptly to avoid additional penalties and interest charges.
It is important to note that requesting an extension gives taxpayers more time to file their returns but not more time to pay any taxes owed. Individuals with outstanding tax debt should file their returns and pay as much as they can as soon as possible. Interest and penalties on unpaid taxes will continue to accumulate until the balance is fully paid.
File and Pay to Minimize Penalties and Interest
Even if a taxpayer cannot immediately pay their full tax balance, they should still file a tax return and pay as much as possible. The IRS offers options for taxpayers who need assistance in paying their tax bills.
Taxpayers may also be eligible for penalty relief if they have a history of filing and paying on time over the past three years and meet other important criteria.
Expecting a Refund? Don’t Forget to File a Tax Return
There is no penalty for filing after the April 15 deadline if you are owed a refund. Each year, the IRS estimates that nearly a million taxpayers who did not file the previous year’s tax return may be entitled to receive a refund.
Taxpayers who choose not to file because they earn too little to meet the filing requirements may miss out on refunds by not claiming potential refundable tax credits. Examples of these include the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC). Sometimes, taxpayers do not file simply to claim these credits and others for which they may be eligible.
Choose a Trusted Tax Professional
Taxpayers who have not yet filed a tax return should consider seeking the help of a qualified tax preparer. The IRS provides resources for those who need assistance finding a tax preparer.
The IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications can help taxpayers find professionals with recognized certifications or those who have met IRS requirements through the Annual Filing Season Program.
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All information provided in this article is for informational and reference purposes only.
ACMM Consulting is not responsible for any decisions made by readers without prior consultation with our professionals. Each business situation is unique, and we recommend seeking our personalized advice before making important decisions.
