If you have missed the tax deadline, there is a high chance that you are worried about the potential penalties and interest imposed by the IRS. You should know that many people missed the tax deadline, which means that you’re not alone. You should also be aware that the IRS has straightforward rules regarding missed tax deadlines.
Read on to learn more about the potential steps that you can take if you’ve missed the tax deadline.
The Importance of Filing Taxes on Time
Before we move on to the steps that you can take in case you have missed your tax deadline, let’s address the question: can you file taxes after april 15? The simple answer to this question is that while the deadline is gone, there is still the possibility for you to file taxes. However, you should know that you shouldn’t ignore your taxes any longer and delay the process, either.
If you are confused about the next steps after missing out on your tax-filing deadline, you might want to leverage the TurboTax software or get help from their professional tax experts, who can help you prevent accumulating penalties and interest from the IRS.
Essential Steps to Reverse Potential Damage
First things first: If you find yourself in special circumstances and have failed to meet the deadline, you might file for an extension. However, you should know that filing for an extension doesn’t mean that you will get an extension for paying the taxes. In other words, you are still required to pay your taxes on time; also, the penalties and interest will still be applicable on your outstanding taxes after you have missed the deadline of April 15.
Missing your text deadlines doesn’t mean the end of the world. You can always request a payment plan and prepare monthly payments through the IRS payment plan. Also, if you can’t afford to pay the full tax, pay as much as you can immediately. This way, you will effectively decrease interest and subsequent penalties.
Plan Ahead for Your Upcoming Deadlines
If you have missed your tax deadline once, you should ideally never miss another deadline. With that said, it’s in your best interest to set up multiple reminders and mark your calendar. Also, you must stay organized with your finances.
You can leverage several accounting software or tools to stay on top of your taxes and overall finances. An expert CPA can always help you file your taxes on time and accurately. With the help of a professional tax expert, you can get useful insights and expert advice on your taxes.
By subscribing to IRS alerts, you will do yourself a great favor. This way, you can remain informed about approaching deadlines, deadline changes, and legal updates on taxes.
Final Thoughts
If you are a U.S. citizen and living abroad, which might have caused you to miss the deadline for paying or filing your taxes, in which case, you should know that you will get an automatic extension of two months, until June 15. While you can still request additional extensions, the potential interest will still accrue after the deadline of April 15.
