What to Do When You Miss the Tax Deadline
As a citizen of the United States, it’s essential to pay your taxes on time. But, some people may miss the tax deadline and owe Uncle Sam money. If you missed the tax deadline, don’t panic! There are still things you can do to get yourself back on track.
Let’s look at four things you could do if you missed the tax deadline.
- First, file your tax return as soon as possible. The sooner you file, the less interest, and penalties you’ll owe.
- Second, if you can’t pay the full amount owed, try to pay as much as possible. Any amount you can pay will reduce the penalties and interest you’ll owe.
- Third, if you need more time to pay, you can request a payment plan from the IRS. There are a few different options for payment plans, so be sure to choose the one that’s best for your situation.
- Fourth, if you can’t pay anything, you can request an offer in compromise. This is a settlement with the IRS for less than the full amount owed. It’s a long process, and there’s no guarantee the IRS will accept your offer, but it’s worth considering.
How to File for A Tax Extension
A tax extension means that the deadline day is pushed further for you, and you will not face any penalty if you miss the initial deadline date. You can use either e-file for an extension or visit your tax authorities to fill out an extension form.
After your application is approved, your deadline is automatically moved to October 15th. However, an extension only gives you extra time for filing and not paying your taxes. If you owe or expect to owe a percentage of your tax, you are expected to still pay it before the initial date; else, you will not be granted an extension.
Other Ways to Handle a Missed Deadline
If, in any case, you fail to file an extension before the deadline day, you may no longer be allowed to do so. But you can still manage the situation and minimize the penalty by acting promptly. The tax system fines you for each month you delay your tax, and it often tends to accumulate after a few months. But you can still file the tax return after the deadline to reduce the repercussions.
Failing to file for your tax return on or before Tax Day can put you in a disadvantaged position, as you will have to face the consequences. But you with the above tips, you can minimize the effects and ensure your tax return is filed.
File Your Taxes with Tobin & Collins in NJ
If you are considering hiring a tax accountant this tax season, be sure to contact Tobin & Collins. We would be happy to discuss your specific tax needs and provide you with a free consultation. For more information, please visit our website or call us at 201-487-7744.