The Internal Revenue Service today advised taxpayers who missed the April tax deadline that they
\ncan usually avoid a larger penalty by filing their 2021 federal income tax return and paying any tax
\ndue by Tuesday, June 14.<\/p>\n
To avoid the larger penalty, the IRS must receive the return by June 14. This means that a return
\nmailed on that date will not qualify. For that reason, the IRS urges everyone to file electronically by
\nJune 14.<\/p>\n
In addition, taxpayers can also limit late-payment penalties and interest charges by paying their
\ntax electronically. The fastest and easiest way to do that is with IRS Direct Pay, a free service
\navailable only on IRS.gov. Several other electronic payment options are also available. Visit
\nIRS.gov\/payments for details.<\/p>\n
How the penalty works
\nThose who miss the June 14 cutoff will normally face a minimum late-filing penalty, also known as
\na failure-to-file penalty. By law, If the return is more than 60 days late, the minimum penalty is
\neither $435 or 100 percent of the unpaid tax, whichever is less. This means that the penalty will
\nequal the tax due if the taxpayer owes $435 or less. If they owe more than $435, then the
\nminimum penalty will be at least $435.<\/p>\n
Under the normal calculation, this penalty is 5% of the unpaid tax for each month or part of a
\nmonth that the return is late, up to a maximum of 25%. Visit IRS.gov\/penalties for details.<\/p>\n
The late-filing penalty will stop accruing once the taxpayer files. In addition, the separate late-
\npayment penalty and interest will stop accruing as soon as the tax is paid. The taxpayer need not
\nfigure any of these charges. Instead, the IRS will bill them for any amount due.<\/p>\n
Other filing deadline rules
\nSome taxpayers get more time to file, even if they didn\u2019t request an extension. These special
\ndeadlines affect penalty and interest calculations for those who qualify, such as members of the
\nmilitary serving in combat zones, taxpayers living outside the U.S. and those living in declared
\ndisaster areas.<\/p>\n
Combat zone taxpayers
\nMilitary service members and eligible support personnel serving in a combat zone have at least
\n180 days after they leave the combat zone to file their tax returns and pay any tax due. A complete
\nlist of designated combat zone localities can be found in Publication 3, Armed Forces\u2019 Tax Guide,
\navailable on IRS.gov.<\/p>\n
Combat zone extensions also give affected taxpayers more time for a variety of other tax-related
\nactions, including contributing to an IRA. Various circumstances affect the exact length of the
\nextension available to taxpayers. Details, including examples illustrating how these extensions are
\ncalculated, are in the Extensions of Deadlines section in Publication 3.<\/p>\n
Taxpayers outside the United States
\nU.S. citizens and resident aliens who live and work outside the U.S. and Puerto Rico have until June
\n15, 2022, to file their 2021 tax returns and pay any tax due.<\/p>\n
The special June 15 deadline also applies to members of the military on duty outside the U.S. and
\nPuerto Rico who do not qualify for the longer combat zone extension. Affected taxpayers should
\nattach a statement to their return explaining which of these situations apply.<\/p>\n
Though taxpayers abroad get more time to pay without penalty for late payment, interest is due
\non any unpaid tax from this year\u2019s April 18 deadline. The interest rate is currently 4% per year,
\ncompounded daily. The interest rate rises to 5% on July 1, 2022. For more information about the
\nspecial tax rules for U.S. taxpayers abroad, see Publication 54, Tax Guide for U.S. Citizens and
\nResident Aliens Abroad, on IRS.gov.<\/p>\n
Disaster Areas
\nThe IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of
\nrecord located in a federally declared disaster area when at least one area qualifies for FEMA\u2019s
\nIndividual Assistance program. Ordinarily, this means that taxpayers need not contact the IRS to
\nget disaster tax relief. For details on all available relief, visit the Around the Nation page on
\nIRS.gov.<\/p>\n
Penalty relief for some
\nTaxpayers who have filed and paid on time and have not been assessed any penalties for the past
\nthree years often qualify to have the penalty abated. See the First-Time Penalty Abatement page
\non IRS.gov. A taxpayer who does not qualify for this relief may still qualify for penalty relief if their
\nfailure to file or pay on time was due to reasonable cause and not willful neglect. Anyone who
\nreceives a penalty notice from the IRS should read it carefully and follow its instructions for
\nrequesting relief. See Penalty Relief in IRS.gov for the types of penalty relief and how to make the
\nrequest.<\/p>\n
In addition to penalties, interest will be charged on any tax not paid by the regular April due date.
\nFor individual taxpayers, it\u2019s the federal short-term interest rate plus 3 percentage points. This
\nmeans that until June 30, the rate is 4% per year, compounded daily. Starting July 1, 2022, through
\nSeptember 30, 2022, the rate will be 5% per year, compounded daily. Interest rates are subject to
\nchange quarterly.<\/p>\n
Interest stops accruing as soon as the tax is paid in full. By law, interest cannot be abated.<\/p>\n
Ways to pay<\/p>\n
Many taxpayers mistakenly delay filing because they are unable to pay what they owe. Often,
\nthese taxpayers qualify for one of the payment options available from the IRS. These include:<\/p>\n
Installment Agreement \u2013 An installment agreement, or payment plan, allows a taxpayer to pay
\nover time. Individuals who owe $50,000 or less in combined tax, penalties and interest can request
\na payment plan using the IRS\u2019s Online Payment Agreement application.
\nThose who have a balance under $100,000 may also qualify for a short-term payment plan of up to
\n180 days. The plan can be set up in minutes and requesters receive immediate notification of
\napproval. To reduce the chance of default and avoid having to write and mail a check each month,
\ntaxpayers can select the direct debit option for making these payments. For other ways to set up a
\npayment plan, visit Payment Plans, Installment Agreements.<\/p>\n
Offer in Compromise \u2014 Some struggling taxpayers may qualify to settle their tax bill for less than
\nthe amount they owe by submitting an offer in compromise. To help determine eligibility, use the
\nOffer in Compromise Pre-Qualifier tool.
\nCheck withholding
\nTaxpayers who owe tax for 2021 can avoid having the same problem for 2022 by increasing the
\namount of tax withheld from their paychecks. For help determining the right amount to withhold,
\nuse the Tax Withholding Estimator on IRS.gov.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Internal Revenue Service today advised taxpayers who missed the April tax deadline that they can usually avoid a larger penalty by filing their 2021 federal income tax return and paying any tax due by Tuesday, June 14. To avoid the larger penalty, the IRS must receive the return by June 14. This means that […]<\/p>\n","protected":false},"author":1,"featured_media":11051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sin-categoria"],"acf":[],"yoast_head":"\n