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What To Do In Case of Non-compliance With The Tax Filing Deadline

What To Do In Case of Non-compliance With The Tax Filing Deadline

If you can't file your federal income tax return by the due date, you can usually get more time by requesting an extension. To avoid penalties, you will need to complete Federal Extension Form 4868 and pay all amounts owed before the tax return expires. As long as the IRS accepts your request, you will have six more months to file your tax return.

If the deadline for your tax return comes and goes and you haven't filed your tax return or extension, you might be wondering what's going to happen to you. Find out what to expect and the steps you can take to correct the situation below, as we have taken the time to answer some of the frequently asked questions.


What should I do if I miss the tax deadline?

Complete the tax return exactly as you normally would. File Form W-2, 1099, or any other tax and income tax you need to file. The only thing that might be different from filing a claim during tax season is the taxes you'll have to pay if you don't request an extension.


How to file a late return to the state?

If you haven't filed your return on time, you can still file a late return. There are probably fees associated with it, but it is better to file a return than not. Complete the state return exactly as you would under normal circumstances, irrespective of it being late.


How do I know if my return has been accepted?

After you file your return electronically, you will receive an email from the IRS within 48 hours indicating whether your return has been accepted or rejected. If your return was refused, please log back into your account, make corrections and resubmit. If you file your tax return before the due date and it was rejected, you will have until a stipulated time to make the corrections.


Do I have to file a tax return if I receive a refund?

Yes, you will need to file an income tax return to receive a refund. There will be no penalty if you do not file your return, but the IRS will not send you the money until it receives the return. If you've already skipped a year, be sure to file your return within three years to receive any earned income refund or tax credit. Failure to file after three years will lead to you losing your refund.


If I did not request an extension, do I have to pay a fine?

If you haven't requested an extension, you probably owe a fee (unless you're waiting for a refund). The late filing fee is normally 5% of the tax due each month, up to 25%. You will also owe interest on your arrears, at a rate of half a percent (0.5%) per month, up to 25% of your unpaid tax balance.


How do I pay my taxes and/or fines?

There are several payment options when you file your taxes. Pay by credit card, debit card, or withdraw funds directly from your account. Most IRS offices also accept cash. There is a six-month penalty period for taxpayers with a certain income if you need a grace period.


Are there payment plans for late taxpayers?

Yes. The IRS offers three payment plans: one short-term and two long terms. The short-term plan is less than 120 days. There is no setup fee, but fees may apply if you are paying by card. Both long term plans are for periods longer than 120 days. One plan is for direct debit, and the other is for any other electronic payment, check, or money order.


What happens if I don't file my taxes?

If you choose not to pay taxes by the due date, the IRS will continue penalizing you and charging you interest until you pay the full amount. In many cases, the IRS will calculate the amount owed based on a substitute return. This refund will be calculated based on the information you receive from other sources and will generally not be as favorable as the return prepared by you. Once the IRS determines an amount owed, it can place a lien on your paycheck, bank account, or property. If things go the way of the IRS, it can send you to jail.

Applying for an extension and paying the taxes before the deadline will always be better than postponing it.


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