Missing the tax deadline can be a stressful situation that can lead to serious consequences. If you’ve missed the deadline, it's important to take action and not let the situation escalate. Here are some steps you can take if you missed this year’s tax deadline.
File Your Tax Return as Soon as Possible
The first step is to file your tax return as soon as possible. Even if you’ve missed the deadline, it's better to file your tax return late than not to file it at all. There are many ramifications of not submitting tax returns that can range from fines to jail time. For more information on these penalties, read our blog post, “Delinquent Tax Returns and the Consequences You Could Face”. If you need assistance filing your tax return, reach out to a tax professional who can help you navigate the process.
Pay Any Taxes Owed
If you missed the tax deadline, it's likely that you owe taxes. It’s important to note that penalties and late fees are based on the non-payment of taxes, not based on non-filing your tax return. Therefore, if you are expecting to owe taxes, you can make a payment before filing your tax return to avoid penalties and fees.
The longer you wait to pay your taxes, the more interest and penalties you will accrue. To avoid further penalties and interest, pay the taxes owed as soon as possible. You can make payments online, by mail, or by phone. If you cannot pay the full amount owed, consider setting up a payment plan with the IRS.
Prevent Missing Next Year’s Tax Deadline
To avoid missing next year’s tax deadline, consider utilizing the assistance of a tax professional. A Certified Public Accountant (CPA) can provide you with guidance on tax planning, help you maximize deductions, and minimize your tax liability. A CPA will ensure that you file your tax returns on time and accurately, helping you avoid the penalties and fees associated with late filing.
If you need assistance filing your taxes or ensuring that you don’t miss future tax deadlines, consider hiring Larry Bradford, CPA. With over 35 years of experience, Larry can help you stay on top of your tax obligations and provide you with the guidance you need to avoid missing future tax deadlines. Contact Larry Bradford today at (512) 402-0049 or send an email to firstname.lastname@example.org to learn more about his tax preparation services.