What to do When I Missed the Tax Deadline

Once the tax deadline of April 15th has passed, fret not if you missed it. You still have the chance to file your taxes. Consider these approaches to complete your tax return and receive your refund promptly if you have missed your tax deadline.

Missed your Tax Deadline? Take Action Now without delay.

Rest assured, if you still need to complete your tax filing, there’s no need to worry. There’s still time to submit your documents. Around 80% of individuals anticipate a tax refund, and in the event of delayed filing, no penalties will be incurred.

You Will Want to File your Taxes As Soon As Possible

Annually, the IRS has noted significant unclaimed tax refunds exceeding $1 billion. It is important to be aware that regardless of whether you fall below the IRS income threshold for filing taxes as an individual ($13,850) or as a married couple filing jointly ($27,700)

Use E-file with Direct Deposit

Don’t worry if you’ve missed the tax deadline, there’s still a way to easily file your taxes online using the services offered by PriorTax. E-filing allows the IRS to swiftly and efficiently process your tax return, ensuring that you receive prompt acknowledgment of its receipt.

Should you choose to submit your tax return by mail, please be aware that the IRS will require additional time to receive and handle your submission. Opting for E-Filing with direct deposit is recommended for the speediest processing of your tax refund. According to the IRS, they aim to issue the majority of tax refunds within 21 days of acceptance.

Pay Up Taxes to the IRS

If you have outstanding debts, it is advisable to submit your tax return promptly to prevent accruing larger penalties. Failure to file for an extension in April will result in penalties for both failure to file and failure to pay.

When it comes to filing your taxes, it’s essential to submit them on time to avoid facing hefty penalties. While a late filing may still incur a penalty, it will be less severe compared to not filing altogether. By filing promptly, you can minimize the amount you owe in interest. Remember, the longer you delay filing, the greater the interest charges you’ll accrue.

Delaying tax filing can occur when individuals are facing a tax bill they are uncertain about covering. To address this concern, implementing proactive measures can lead to more favorable outcomes and reduced expenses in the long run.

It is advisable to submit your filing promptly, make an initial payment based on your means, and subsequently inquire about a payment arrangement with the IRS. The IRS provides various avenues of assistance to accommodate your situation. You have the choice to seek a short-term payment plan, a prolonged installment agreement, an offer in compromise, or a temporary suspension of collections in certain circumstances.

Opt for long-term installment agreements, which provide a timeline of up to six years to fulfill your payment obligations. Alternatively, consider the short-term payment plan if you anticipate settling your dues within 180 days.

Rest assured, if you missed the tax deadline — submitting your taxes with PriorTax is never too late. Regardless of your financial decisions in the past year, PriorTax will ensure they positively impact your tax situation. Whether you prefer to handle your taxes independently or have a dedicated tax professional assist you, we are committed to securing every eligible dollar for you and guaranteeing the maximum refund possible.

This entry was posted on Thursday, April 18th, 2024 at 8:00 am and is filed under Tax and Life Changes, Tax News, Tax Tips and Tricks, Taxes for Prior Years. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.