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3 Reasons to Take Care of Your Late Filing Today

3 Reasons to Take Care of Your Late Filing Today

The Tax Day countdown for this tax year has ended, yet some taxpayers haven't completed their IRS Form 1040. You might be worried about missing the tax filing deadline if you're among them.

Take a deep breath; assistance is available! What are the consequences of missing the tax deadline? We will address this concern shortly. Although missing the deadline isn't catastrophic, several compelling reasons exist to file as soon as possible.

 

What to do if you missed the tax deadline?

Filing your taxes early can reduce the penalties you owe. The penalty for failing to file is usually 5% of the unpaid taxes, while the penalty for failing to pay is 0.5% of the unpaid taxes. These penalties accrue each month or part of a month until the debt is paid, and interest is also charged on top of the penalties.


Filing early also prepares you better for the next tax season. It allows you to identify any issues with paycheck withholdings. For instance, owing more than expected might indicate insufficient withholding from your wages. Adjusting your W-4 early in the year gives you time to apply the new withholdings for the remainder of the year. Delaying this adjustment risks repeating the same problem.


Moreover, you might be entitled to a tax refund even if your income is too low to require filing taxes. This could happen if you've overpaid through withholdings or if you are eligible for refundable credits like the Child Tax Credit or the Earned Income Tax Credit. Filing a tax return is the only way to claim this refund.

 

What happens if I miss the tax deadline

Can I file an extension on my taxes after the deadline? Can I submit Form 4868 after April 15?

The deadline for filing an extension coincides with the tax filing deadline. If you miss the tax return filing date, you also miss the extension filing deadline. Once the filing deadline has passed, it's best to file your return promptly to minimize penalties.

Note: U.S. citizens and residents abroad on April 15 automatically receive an extension until June 15 to file their returns. They have until this date to submit Form 4868 for an extension through October 15.

Can I still file my taxes for 2023 after the deadline?

Yes! It is still possible to file your 2023 taxes, but avoiding penalties may not be an option. Receiving a tax refund means you won't incur any penalties or interest. However, if you owe taxes, you might be subject to the aforementioned penalties.

Although facing a late filing penalty can be worrisome, filing promptly is advisable.

What if I can’t pay?

You may apply for an IRS payment plan to pay your taxes in installments. Although it is ideal to pay taxes punctually, an installment agreement can mitigate additional penalties.

 

Trust H&CO for assistance in completing your tax filings

Although taxes can be overwhelming, there's no need to tackle them by yourself. Rely on our expertise to assist you with your tax filing. Schedule a session with a tax professional soon.

With offices in the US in Miami, Coral Gables, Aventura, Fort Lauderdale, Orlando, Melbourne, and Tampa as well as offices in over 29 countries, our CPAs and International Tax Advisors are readily available to assist you with all your income tax planning, tax preparation and IRS representation needs. To learn more about our accounting firm services take a look at our individual tax servicesbusiness tax servicesinternational tax servicesexpatriate tax servicesSAP Business Oneentity managementhuman capital, and audit and assurance services.  

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