Forgot to file your 2015 tax return? Let’s get you caught up.
Sometimes, procrastination gets the best of us and we fall behind. It happens. Most procrastination-fueled situations can be resolved. There’s no exception when it comes to filing your late 2015 taxes.
Can I still file a 2015 tax return?
April 18th, 2016 marks the tax filing deadline for 2015 taxes . The good news? You can still prepare your tax return after the deadline and mail it to the IRS. The bad news? If you owe additional tax for 2015, you may be faced with penalty fees. If you forgot to file by the deadline, you will be responsible for the failure-to-file penalty. You will be liable for the failure-to-pay penalty if you didn’t pay the IRS on time. These will be explained further in a few.
Can I prepare my 2015 taxes online?
You missed the filing deadline. That doesn’t mean you have to scrape the bottom of the barrel when it comes to your tax preparation. You also won’t need to dip into your savings to afford it. You can still prepare your taxes online which happens to be inexpensive and pretty easy.
All you need to do is follow these 5 steps.
- Create an account with PriorTax. Make sure to select 2015 from the drop down menu.
- Enter your tax information. You’ll want to have all W-2 or 1099 forms that you received from your employer(s) handy.
- Submit your account.
- Wait for review. Our team of tax pros will thoroughly review your 2015 return, contacting you with any issues or oversights.
- Print, sign and mail your return. After review, your 2015 tax return will be made available for you to download as a pdf. You can print this out. Sign it. And head on down to your local post office.
Have questions along the way? Reach out to our tax team by phone or livechat! It’s really THAT simple.
Can I still claim a 2015 tax refund?
If you’re expecting a refund from the IRS, unfortunately, you can no longer claim your refund. The IRS has a three-year statute of limitations in place. This means April 18, 2019, was the last day to claim your refund.
How do I calculate the failure to file penalty?
So you made a mistake by not filing your 2015 tax return on time and paying your tax liability. Now you have to deal with it. Lesson learned. Here’s what the damage will be:
- You will pay an additional 5% of the tax amount owed for every month your return is late. This will max out at 25%.
- If 60 days have passed since the due date, the minimum penalty fee will be the lesser of $135 or 100% of your unpaid tax.
And for the future, never decide not to file because you know you don’t have the money to pay your tax due amount. The failure to file penalty will do more damage to your piggy bank than the failure to pay penalty will. So when in doubt – file now, pay later.
How do I calculate the failure to pay penalty?
The failure to pay penalty is not as steep as the failure to file penalty but it can still nudge you the wrong way. Here’s the breakdown:
- You will pay a penalty of ½ of 1 percent of your unpaid taxes for each month or part of a month after the due date. This starts accruing the day after the tax-filing due date.
Get started on your 2015 tax return today!
Now that you’re aware of the repercussions (or if you just forgot to file) of filing your 2015 tax return late, you can stop worrying and get started. Create your account today and get it out of the way!