In the U.S., April 15th is a day that everyone knows, and may even dread. It’s the day that taxes are due. Even though this date stays the same year after year, some people find that they aren’t ready to file on time. There are many reasons you might ask: can you file taxes late?
Reasons You Might File Taxes Late
The reason you need to file late can influence whether you’re able to or not. Common reasons people need an extension for their taxes include a failure to gather all the necessary tax information in time, issues with the delivery of your tax returns, thinking you don’t need to file a return, or plain laziness.
One of the biggest reasons people file their taxes late is because they owe the IRS money and can’t afford to pay. If that’s the case for you, you should know that not filing won’t help your cause. You can’t disappear into anonymity just because you don’t file. The IRS will find you, and then your problems will just get bigger. If it’s at all possible, get your finances and your tax information in order so you don’t even have to worry about filing late.
Can You File Taxes Late?
The short answer to this question is yes, you can file your taxes late. However, there is a specific process you have to follow in order to do this. It’s not difficult, but it’s important nonetheless.
What to Know About Filing Taxes Late
If you find yourself asking can you file taxes late because you missed the deadline, you’ll have to follow the process to take care of this oversight. If you are owed a refund, then you don’t have to do anything. However, you won’t get your money from the IRS until you send in your forms.
If you owe the IRS money, then getting your tax returns in as soon as possible or filing for an extension is the best course of action to take. Don’t ignore the situation or think you can make up for it next year. You can’t.
Filing for an Extension
When you file for an extension on your taxes and you owe the IRS money, you must pay before the April 15th deadline. If you do it afterwards, it’s too late. You will be expected to estimate how much you owe the IRS and pay that amount when you file your extension.
Once you have filed for an extension, you have until October 15th to file the rest of your paperwork. Working with a professional can help you with the paperwork and the process and ensure that you don’t estimate more than what you actually owe.
Penalties and Interest
While it is possible to file your taxes late, you may still be subject to penalties and interest. The longer you wait to do this, the more these accrue. For every month that you don’t file, you will be charged 5% of the total due. This maxes out at 25%, but don’t push it to the limit. This can make paying your taxes even more challenging.
Getting Your Taxes In on Time
The April 15th deadline for taxes rarely changes, and usually only if that day falls on a weekend. However, you should know that your tax filing is due in the middle of April. To ensure that you get your information in on time, there are some steps you can take.
Working with an accountant is one of these steps. They will make sure you have the necessary information and get your information ready for filing. Contact Geaux Tax Resolution for all of your tax needs, including managing a late filing.