What You Need to Do if You Missed the Tax Deadline?
Filing your taxes on time is crucial to avoid penalties and ensure a smooth financial journey. However, life can sometimes get in the way, causing you to miss the tax deadline. If you’ve found yourself in this situation, don’t panic. There are steps you can take to rectify the situation and get back on track with your tax obligations.
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Necessary actions you should take if you’ve missed the tax deadline:
Assess the Situation:
Before taking any steps, it’s important to understand the extent of the situation. Determine which tax deadline you’ve missed – whether it’s the annual income tax return, quarterly estimated tax payments, or another specific tax deadline.
Each type of tax has its own implications and consequences for late filing,” explaines Daniel Ahart, chief tax officer at the tax preparation company Daniel Ahart Tax Service®.
File As Soon As Possible:
Even if you’ve missed the deadline, it’s crucial to file your tax return as soon as possible. The longer you delay, the more you’ll potentially owe in penalties and interest. Gather all necessary documents, such as W-2s, 1099s, and any other income-related forms, and contact a tax professional as soon as possible.
Pay Any Owed Taxes:
Along with filing your tax return, it’s important to pay any owed taxes as soon as possible. Late payment penalties and interest will continue to accrue until the balance is settled. If you’re unable to pay the full amount, consider setting up a payment plan with the IRS or your state tax authority.
Understand Penalties:
Late filing and late payment penalties can add up quickly. The late filing penalty is usually more severe than the late payment penalty, so it’s better to file even if you can’t pay in full. The penalties are typically calculated as a percentage of the taxes owed, and they can increase the longer you wait.
Request a Filing Extension:
If you have a valid reason for missing the tax deadline, you can request a filing extension. For federal taxes, you can typically get an automatic six-month extension by filing Form 4868. However, keep in mind that an extension to file doesn’t mean an extension to pay. You’ll still need to estimate and pay any owed taxes by the original due date to avoid additional penalties.
Communicate with Tax Authorities:
If you’re facing financial hardship or other extenuating circumstances, it’s advisable to communicate with the tax authorities. A tax professional can help you with this, as they have the experience required to dealing with these type of situations. The IRS may be willing to work with you to establish a payment plan or offer other options based on your situation. Ignoring the issue will only exacerbate the problem.
Missing a tax deadline can be stressful, but it’s also an opportunity to learn and be better prepared in the future. Set up reminders for next year’s tax deadlines, and consider enlisting the help of a tax professional like Daniel Ahart Tax Service to ensure you meet all your obligations on time.
Remember that every person and every tax return is different, this is just a guide, please find the closest DATS location near you and do not hesitate to contact us. Daniel Ahart Tax Service will be open and ready to answer the phone or in person to clarify any doubts and to be able to guide you in the process,” explains Daniel Ahart, chief tax officer at the tax preparation company Daniel Ahart Tax Service®
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