You just couldn’t make it this year, and you have your respective reasons. Don’t panic, but act accordingly. The federal government provides services if you missed April 15, 2019, this year for your tax files. Here is an analysis on the U.S. structure for when missing the deadline for taxes.
If you did not request an extension to file your taxes, the tax deadline is April 15, 2019 in California. States such as Massachusetts and Maine have until April 17, 2019 — but either way, those dates have passed. If you gasped at that date, then you’re probably here wondering… what’s next?
If you requested an extension, your deadline is on October 15, 2019 to file taxes. If you did not request for an extension, neither did you file for taxes before April 15, 2019, you might consider learning and exploring a couple of options.
For beginners, you want to avoid the accruement of penalties and fees. Therefore, it is imperative to file your taxes, even if the due date has passed. The sooner you tax your files, the quicker you avoid any problematic scenarios. If you are unsure of your situation or believe that there is an outstanding case in your hands, speak with a specialist to further elaborate on your situation.
Better Late Than Never…
The good ol’ saying, “better late than never” applies to your taxes. As in the aforementioned, you really want to minimize your penalties and fees when working with the federal government. File your taxes, even if they’re past due. If you didn’t file for an extension but are owed a refund, there are no penalties for missing the deadline. However, you should still file as quick as possible, for when a return fails to be filed, generally most are allowed a three-year grace period to claim their refund before that amount is seized by the U.S. Treasury.
Though if you didn’t file for an extension and owe money, there is a possibility of being charged with the failure-to-file penalty. This may cost 5% of the total tax bill each month it goes unpaid after the deadline, up to a maximum of 2% of what you. You could be subject to the failure-to-file penalty, which could cost 5-25% of your total tax bill each month, depending how many times the penalties and fees are ignored. Furthermore unpaid bills consequently end in poor credit score or criminal prosecution under federal law. Thusly, we suggest filing as quick as possible, even if the total amount cannot be paid.
More Time to File
In some rare scenarios, the IRS provides extra time to pay debts and file taxes beyond October 15, 2019. Predominantly, the government provides this service for those in the military, military members in combat or conflict areas, and those living abroad.
If these unique cases do not apply to you and/or you have any questions, comments, or concerns regarding this subject, reach out to an expert for an assessment of your tax situation. You save substantial amounts of money by prioritizing your tax issues and ultimately avoiding penalties.