Rushing to file your tax return at the last minute?
We get it. Life is busy, especially when working from home with family or if you have other priorities. If filing your taxes has slipped your mind, we’re here to help.
The good news is, you can still file. Here’s what you need to know.
Important Tax Dates
If you missed the 2019 tax deadline, the following tax dates are important.
- July 15, 2020 – The final day to file and pay the taxes you owe to the IRS without accumulating penalties. It is also the last day to file a request of a filing extension.
- October 15, 2020 – The last day to e-file all returns and the extension deadline.
What if I owe to the IRS?
If you have an outstanding tax due to the IRS, we advise that you pay as soon as possible. It is crucial to pay your tax liability to reduce further penalties.
You are subject to two penalties; failure to file and failure to pay. Both penalties can go up to 25% of your tax due when combined.
- Failure to file – 5% of unpaid tax required to be reported for five months
- The minimum penalty is the LESSER of the entirety of your tax due or $435 if you filed 60 days after the deadline
- Failure to pay – 0.5% of tax not paid by due date; 0.25% during approved installment agreement for individual returns filed on time; 1% if tax is not paid within 10 days of a notice of intent to levy
As a reminder, if you file an extension with a tax due to the IRS, you must have paid by the July 15 deadline to not be subject to any penalties.
Can I still E-file?
Since the deadline has already passed for electronic filing, you can no longer e-file. However, you can still file your taxes by paper-filing.
Gather your income statements for all taxable income such as your W-2 and 1099 statements. By using our website, you just need to follow three easy steps. First, create your account, enter your tax information, and submit your account to us. You will then receive a PDF of your tax return and mailing instructions.
Then, you can easily print, sign and mail to the IRS and/or state department of revenue.
Did you use the IRS stimulus payment tool?
Unlike other tax years, taxpayers may have faced an IRS stimulus rejection stating that they have already filed their return. If you used the IRS stimulus tool, you may have filed a tax return and need to file an amendment.
Claim your refund
Even if you missed the 2019 tax deadline, you can still claim your refund within three years of the original tax deadline. Due to the three year statute of limitations, the last day to claim your 2019 refund is April 15, 2023.
Don’t forget to file before it’s too late!