What to Do If You Miss the Tax Filing Deadline
Audio version available here:
Length: approx. 1 min. 40 sec.
The deadline to pay and file your 2023 taxes has just passed this Monday April 15th, 2024. It is possible that you missed this deadline and had not filed an extension. What are the consequences?
Though April 15th is the standard deadline for taxpayers to pay and file their 2023 personal tax return, some areas of the country have extra time due to disaster situations. Most deadline postponements expire in the June and July months, but make sure to review the IRS’s official announcements so you have your area’s specific deadline correct.
If you do not qualify for one of these filing postponements, and you did not file an extension with the IRS via Form 4868 by April 15th, you have missed the official deadline. This means that until you file and pay any tax balance owed, you could be incurring penalties and interest.
The Failure to File penalty is much more severe than the Failure to Pay penalty, so meet with a tax professional and file your tax return as soon as possible. If you feel that you would be filing a tax return that is not optimized, you can amend it with a 1040-X or replace it with a superseding tax return within the filing period. If you cannot pay your full tax balance, the IRS has payment plans to assist you. The goal is to minimize penalties and interests, so taking action now is better than waiting.
Some taxpayers may be able to avoid penalties if they have overpaid their taxes throughout the year and are owed a refund. However, this doesn’t mean that you should not file your tax return at all. The best course of action is to stay in compliance.
We understand that the prospect of being in trouble with the IRS is intimidating; that’s why the XQ CPA team is here to help you. To reach us, give us a call or book an appointment on our website.
Phone: 832-295-3353
Online Booking: https://xqcpa-bookme.acuityscheduling.com/schedule.php
Want the latest and greatest tax tips and business news? Stay up to date with our social media!
Our blog: https://www.xqcpahouston.com/blog
Our channel: https://youtube.com/@XQCPA
Facebook: https://www.facebook.com/XQCPA/
Instagram: https://www.instagram.com/tax_xqcpa/
Twitter: https://twitter.com/xqcpa
LinkedIn: https://www.linkedin.com/company/xq-cpa/
TikTok: https://www.tiktok.com/@xq.cpa
Sources:
Comments