What To Do if You Missed the Tax Deadline
The tax deadline has come and gone except after all, you filed a tax extension. When you missed the tax deadline and didn’t file your taxes or an extension, listed here are a couple of steps you may take to get your taxes executed.
File as Quickly as You Can
When you owe cash, you’ll need to file as quickly as you may to keep away from the failure-to-file penalty and a failure-to-pay penalty. Though you will have a penalty for submitting late, your penalty can be smaller than in the event you don’t file in any respect. Submitting as quickly as potential will cut back what you owe in curiosity. The longer you wait to file, the larger the curiosity penalty.
The IRS additionally acquired copies of your tax kinds like 1099-NEC or W-2 kinds, which mirror your earnings earned for the 12 months. You need to file as quickly as potential so that they don’t present that you just owe extra taxes since they don’t know the entire tax deductions and credit you qualify for. TurboTax will test and see in the event you’re eligible for over 350 tax deductions and credit primarily based in your entries.
You may additionally have a tax refund ready. Whilst you gained’t obtain a tax penalty you probably have a refund coming, yearly the IRS experiences near $1 billion {dollars} in unclaimed tax refunds as a result of folks don’t assume they made sufficient cash to file their taxes. Even in the event you made underneath the IRS earnings threshold for submitting ($12,550 single, $25,100 married submitting collectively), you must file in the event you had federal taxes withheld out of your wages or you might be eligible for tax credit just like the Earned Earnings Tax Credit score. If you don’t file your taxes and you might be entitled to a tax refund, you need to declare your tax refund inside three years of the tax return due date.
You additionally must file in the event you acquired a sophisticated premium tax credit score that can assist you pay for medical insurance within the Well being Insurance coverage Market.
Use E-file
Regardless that you waited to file your taxes, you may nonetheless go browsing and e-file your taxes conveniently from the consolation of your individual home with TurboTax. TurboTax is offered for e-file till October 15 when the IRS closes e-file for the 2021 tax 12 months.
When you mail in your tax return, it’s going to take the IRS longer to obtain and course of your return. E-file with direct deposit is the quickest option to get your tax refund. The IRS states they may difficulty 9 out of 10 tax refunds inside 21 days or much less from acceptance.
When you mail your return, it will probably sometimes take 4 to 6 weeks from acceptance to obtain your tax refund, however proper now mailed tax returns are taking even longer. E-file permits your tax return to be acquired and processed by the IRS rapidly and simply. Plus additionally, you will obtain acknowledgement of receipt of your return.
Make Cost Preparations
Some taxpayers delay submitting as a result of they owe cash they usually don’t understand how they’re going to pay. When you delay submitting because of this, there are steps you may take that can be higher and less expensive for you.
It is best to file as quickly as potential, pay what you may, after which request a cost plan from the IRS. The IRS has a number of choices that can assist you. You’ll be able to request a brief time period cost plan, long run installment settlement, provide in compromise, or briefly delay collections in some conditions. You’ll be able to arrange a brief time period cost plan in the event you will pay what you owe inside 180 days (up from 120 days underneath the Taxpayer Reduction Initiative). Long run installment agreements will let you pay what you owe over six years. In case your whole taxes, penalties, and curiosity is as much as $50,000, you may request an installment settlement on-line.
By the point you get all of the tax deductions and credit you’re eligible for, you could be getting a tax refund.
TurboTax Has You Coated
Don’t fear in the event you missed the deadline, you may nonetheless file with TurboTax. TurboTax has you lined and can ask you easy questions on you and provide the deductions and credit you’re eligible for primarily based in your solutions. If in case you have questions, you may join reside by way of one-way video to a TurboTax Stay tax knowledgeable with a mean of 12 years to get your tax questions answered from the consolation of your house. TurboTax Stay tax specialists can be found 12 months spherical in English and Spanish they usually may also overview, signal, and file your taxes and new this 12 months, you may as well absolutely hand over your taxes to them.
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TurboTaxLisa (204 Posts)
Lisa Lewis is a CPA and the TurboTax Weblog Editor. Lisa has 15 years of expertise in tax preparation. Her success is attributed to having the ability to interpret tax legal guidelines and assist purchasers higher perceive them. Lisa additionally has been a TurboTax product consumer for a few years and understands how the software program program works. Along with in depth tax expertise, Lisa additionally has a really well-rounded skilled background. She has held positions as a public auditor, controller, and operations supervisor. Previous to changing into the TurboTax Weblog Editor, she was a Technical Author for the TurboTax Client Group and labored on a challenge to write down new FAQs to assist prospects higher perceive tax legal guidelines. She may be seen serving to TurboTax prospects with tax questions throughout Lifeline. For Lisa, getting well timed and correct info out to prospects to assist them is paramount.
