Missed Tax Day? It’s Not Too Late to Get Right!

Hey there, procrastinators! Did April 15th sneak up on you, and now you’re scrambling because you missed the tax-filing deadline? Don’t sweat it; you’re not alone. The good news is you can still get back on track without too much fuss.

Here’s the deal: if you owe Uncle Sam some money, it’s in your best interest to file your taxes pronto. Why? Because the longer you wait, the more you might end up owing in penalties and interest. No fun, right?

Even if you’re due a refund (yay, money!), you still need to file. Seriously, don’t leave that cash on the table.

An Interest in your Interest

Let’s talk about those pesky penalties and interest. If you owe taxes and you’re dragging your feet on filing, those penalties and interest keep piling up until you cough up the cash. Ouch. But here’s the silver lining: the sooner you file and pay what you owe, the less you’ll have to fork over in penalties and interest. So, get that paperwork in order and send it off ASAP.

We get it. Sometimes, coming up with a big chunk of change all at once isn’t easy. But even if you can’t pay the full amount right away, file your return anyway and pay whatever you can. Trust us, it’ll save you from racking up even more penalties and interest down the road.

And hey, if you’re really in a bind and can’t afford to pay your taxes, there are options out there. Check out the IRS website for more info on penalty relief and other programs that might help ease the burden.

Quick and Easy Payments

If you owe taxes, you’ve got some options for settling up with Uncle Sam that won’t make you want to pull out your hair (more than you already may want to).

First off, there’s this nifty thing called IRS Direct Pay. Super easy and secure. You can also whip out your debit or credit card or even use a digital wallet if that’s your jam. Oh, and if you can’t pay your taxes all at once, you can apply for a payment plan online, too.

The best part? When you pay electronically, you get instant confirmation. No more wondering if your payment got lost in the mail. Plus, you can sign up for email notifications so you’re always in the loop.

Some taxpayers may have even automatically qualified for extra time on their taxes this year for a variety of factors, including:

  • Taxpayers in certain disaster areas. If you’ve been affected by natural disasters this year, it’s possible that extra time was granted automatically. Info on the most recent tax relief for disaster situations is on the IRS website. 
  •  U.S. citizens and resident aliens who live and work outside of the United States and Puerto Rico get an automatic two-month extension to file their tax returns. Be aware, though, that payments were still due by April 15th if you want to avoid interest!
  • Military members on duty outside of the United States. Details are available in Publication 3, Armed Forces’ Tax Guide.
  • People serving in combat zones have up to 180 days after they leave the battlefield to settle up on their taxes.

You Snooze, You Lose!

If you’re owed a refund, don’t snooze on filing your taxes. Seriously, you could be leaving money on the table! Even if you don’t make a ton of dough, you might be eligible for sweet refundable tax credits like the Earned Income Tax Credit or Child Tax Credit. Don’t miss out!

Despite what you may be worried about, if you’re due a refund, there’s no penalty for filing late – in fact, the IRS estimates that millions of tax payers per year aren’t  filing returns and getting refund money that belongs to them!  And speaking of refunds, if you haven’t filed your 2020 taxes yet, time’s ticking. You’ve got until May 17th, 2024 to claim what’s rightfully yours.

For all you procrastinators out there (hey, no judgment), you can still file your 2023 taxes electronically using IRS Free File until October 20th. Easy peasy.

Conclusion

Bottom line: don’t let procrastination cost you more than it has to. File your taxes, pay what you owe, and breathe a sigh of relief. You’ve got this! And if you’re staring at a pile of tax forms and feeling totally lost, consider reaching out to a Certified Tax Planner today – they’ll help you make sure everything is square with the IRS and put you back on track to being a tax superstar.