The tax deadline has come and gone.
If you didn’t file a tax return as yet, we advise that you do it as soon as possible. If you missed the 2021 tax deadline, the good news is you can still file.
Here’s some helpful information before getting started.
Getting a refund?
If you’re due a refund from the IRS, you’re in luck. You are not subject to the tax deadline nor will you be penalized. Technically, you have three years to file from the original tax deadline to claim your refund as well. For example, you have until April 15, 2021 to claim your 2020 tax refund. However, in order to e-file your tax return, you must file by October 15, 2021.
Do you owe taxes?
In the case that you didn’t request a tax extension from the IRS, you must take action by filing and paying now. As a reminder, you must have paid your taxes by May 17 to avoid penalties; with an IRS extension or not.
Even if the 2021 tax deadline has already passed, don’t delay your tax filing for too long. You can be subject to both the late filing and late payment penalties which can add on to 25% of the taxes you owe to the IRS. Unfortunately, if you file over 60 days from the tax deadline, you must pay a minimum penalty. The minimum penalty is the lesser amount of $435 (for 2020 tax returns) or the entirety of your taxes you owe.
Can’t pay your taxes?
The IRS may intimidate you, but it doesn’t mean they aren’t willing to work with you. If you’re having difficulty paying your tax liability, arrange an IRS payment plan in order to make monthly payments towards your taxes.
Nonetheless, you must meet certain requirements. For long term payment plans, you must owe $50,000 or less in combined tax, penalties, and interest. You must also be caught up with all of your tax returns. For short-term payment plans, you must owe less than $100,000 in combined tax, penalties and interest.
How do I file?
Although you missed the 2021 tax deadline, let’s help you get back on track. You can file with us online by creating an account, entering your tax information and submitting it for e-file through October 15. You can even request a review for your tax return for your peace of mind.
Rest assured, if you have any questions, we’re here to answer them.