What to Do if You Are Filing Your Return Late
- May 25, 2022
- Posted by: CKH Marketing
- Category: Tax tips
The deadline to file a tax return is just around the corner. Worried about missing it? Here is what to do if you are filing your return late. You still have time to file for an extension until Monday, April 18th. But if you wait any later, depending on your situation, it could mean you need to quickly take action to avoid owing anything more to the IRS.
If you missed the tax deadline but are due a refund, there is no penalty.
The government is happy to hold on to your money, interest-free, for a bit longer. In fact, you have up to three years from the filing deadline to complete a return and get your refund. Don’t delay too long though. Failure to file a tax return could jeopardize that credit, so it’s better to act sooner rather than later.
If you owe taxes and missed the deadline, there’s good news and bad news.
Bad news: You can’t file an extension at this point.
More bad news: you will be charged failure-to-file and failure-to-pay penalties for missing the deadline.
Good news: You can still file.
That might not sound like good news, but the sooner you file, the less you’ll end up paying in penalties.
Generally, the IRS charges you for penalties monthly, but they can be prorated for a portion of a month. So, it is a good idea to file as soon as possible to limit the charges you may incur. After 60 days pass, you will incur an established minimum penalty that is the lesser of $435 or 100% of the unpaid tax you owe.
There is a simple solution: Get your tax return filed and make it a priority.It can be helpful to get help from a trusted tax expert, CKH Group can help you. Reach out and let’s chat, you can book a free online consultation here, or you can contact us at info@ckhgroup.com or give us a call at (770) 495-9077.
The above article only intends to provide general financial information and is based on open-source facts, it is not designed to provide specific advice or recommendations for any individual. It does not give personalized tax, financial, or other business and professional advice. Before taking any form of action, you should consult a financial professional who understands your particular situation. CKH Group will not be held liable for any harm/errors/claims arising from the articles. Whilst every effort has been taken to ensure the accuracy of the contents we will not be held accountable for any changes that are beyond our control.