Did You Miss the April Tax Deadline?

Although the April tax deadline for filing 2023 returns and tax payments has passed, those who missed this deadline still have options for filing. It’s also important to remember that for those who requested a filing extension, that extension only applies to filing their tax return, not to making payments to the IRS. Individuals who have not yet filed or paid should do so as quickly as possible to minimize penalties and interest.

Reducing Your Penalties 

Taxpayers who have yet to file their tax return or pay their taxes this year are being encouraged to complete both tasks immediately so as to avoid the accrual of penalties and interest, which will continue to go up on any amounts owed until the balance is paid. Even taxpayers who can’t afford to pay the full amount of what they owe to the IRS all at once should still file their returns and pay as much as they can. This will reduce their penalties and help avoid a late filing fee. There are also payment plan options for those who cannot pay their full tax debt immediately.

Filing and Payment Extensions 

While the general filing extension doesn’t apply to payments, there are some taxpayers who do qualify for extra time to file and pay, including those who:

• Live in certain disaster areas;
• Live and work outside of the U.S. or Puerto Rico;
• Are members of the military and stationed outside the U.S. or Puerto Rico; and
• Are serving in combat zones.

For help determining whether you could be eligible for a filing/payment extension, feel free to reach out to our legal team today.

Don’t Miss Out On Your Refund 

Taxpayers who failed to file their returns by the deadline this year, could be missing out on an unclaimed refund. This is even true for those who didn’t file because they don’t earn enough to meet the filing requirements, as some tax credits are refundable. This includes the Earned Income Tax credit and the Child Tax Credit. Taxpayers who don’t file a tax return may miss the opportunity to claim a refund for these kinds of credits. While there isn’t a penalty for taxpayers who file after the April deadline if they are owed a refund, it’s still important to file as soon as possible.

Filing Electronically 

As it has for the past few years, the IRS is encouraging taxpayers who have not yet filed their returns or paid their taxes to do so electronically, as this is considered not only the safest, but also the quickest way to file, pay, and obtain a refund. A trusted tax expert will have the experience and resources to file electronically on your behalf.

Set Up a Meeting Today

To speak with a CPA, former FBI Special Agent, and experienced Florida and federal tax return preparation lawyer about your own tax situation, please call Ronald Cutler, P.A. at 386-490-9949. We are standing by and prepared to get started on your case right away.

Sources: 

irs.gov/newsroom/missed-the-april-tax-filing-deadline-file-quickly-to-avoid-penalties-and-interest-those-owed-a-refund-also-shouldnt-forget-to-file

irs.gov/payments/online-payment-agreement-application