What to Do if You Missed the Tax Deadline
Missing the tax deadline can feel overwhelming, but don’t panic—there are still steps you can take to minimize penalties and get back on track. Here’s what you should do if you missed the tax filing deadline:
File as Soon as Possible
The longer you wait to file, the more penalties and interest you may accrue. Even if you can’t pay your full tax bill right away, filing promptly can reduce late filing penalties.
Understand the Penalties
Failure-to-File Penalty: Usually 5% of the unpaid taxes for each month your return is late, up to a maximum of 25%.
Failure-to-Pay Penalty: Typically 0.5% of the unpaid taxes for each month the payment is late.
Filing even without payment reduces the larger failure-to-file penalty.
File for an Extension (If Possible)
While the standard extension deadline is typically in April, if you missed both the original and extension deadlines, you should still file your return as soon as possible.
Pay What You Can
If you owe taxes, pay as much as you can upfront. The IRS offers payment plans to help manage remaining balances.
Explore IRS Payment Plans
The IRS offers options such as short-term and long-term installment agreements. Apply online or contact the IRS directly to set up a plan.
Check If You Qualify for Penalty Relief
In some cases, the IRS may waive penalties if you have a reasonable cause, such as a medical emergency or natural disaster.
Don’t Ignore IRS Notices
If you’ve received letters from the IRS, don’t ignore them. Open and respond to them promptly to avoid escalated consequences.
Seek Professional Help
If you’re unsure how to proceed, consider consulting a tax professional. They can help you navigate the filing process, reduce penalties, and set up a payment plan.
Final Thoughts
Missing the tax deadline isn’t ideal, but it’s not the end of the world. By taking action quickly and seeking help when needed, you can resolve the issue efficiently and minimize financial consequences.
Need assistance with late filing or payment plans? Contact De Leon Tax Services today—we’re here to help you get back on track.
