What to Do If You Missed the Deadline to File Your Taxes April 15th

The calendar flipped, and suddenly, April 15th has come and gone. If you're reading this, chances are you realized you missed the deadline to file your federal income tax return for the 2024 tax year. It's easy to feel overwhelmed, but take a deep breath. Tax Resolution Plus is here to guide you through what to do next.

First and Foremost: File As Soon As Possible!

The single most important thing you can do right now is to file your return as quickly as possible. The penalties for failing to file and failing to pay are separate, but both can accrue interest and increase over time. The sooner you file, even late, the sooner you can start to mitigate these penalties.

Understanding Penalties for Late Filing:

The penalty for failing to file on time is generally 5% of the unpaid taxes for each month or part of a month that your return is late, up to a maximum of 25% of your unpaid taxes. If your return is more than 60 days late, the minimum penalty is either $485 (for 2024 returns, subject to change) or 100% of the tax due, whichever is less.  

What If You Can't Afford to Pay?

Filing on time, even if you can't pay the full amount due, is still crucial. The penalty for failing to pay is generally 0.5% of the unpaid taxes for each month or part of a month that the taxes remain unpaid, up to a maximum of 25% of your unpaid taxes.  

Don't ignore the situation if you owe and can't pay. The IRS offers several payment options, and Tax Resolution Plus can help you explore the best strategy for your situation, which might include:

  • Online Payment Agreement (OPA): You may be eligible for a short-term payment plan (up to 180 days) or a long-term installment agreement (paying monthly for up to 72 months).
  • Offer in Compromise (OIC): In certain circumstances, you may be able to settle your tax debt with the IRS for a lower amount than you originally owed. This is usually granted when you are experiencing significant financial hardship.
  • Currently Not Collectible (CNC) Status: If you are experiencing severe financial difficulties, the IRS may temporarily delay collection of your debt until your financial situation improves.

What If You Were Due a Refund?

If you were expecting a refund, there is no penalty for filing late. However, you generally have three years from the original due date to file and claim your refund. After that, the money becomes the property of the U.S. Treasury. So, don't leave money on the table – file as soon as you can to claim your refund!

Next Steps:

  • Gather Your Tax Documents: Compile all your W-2s, 1099s, and other relevant tax forms.
  • Prepare and File Your Return: You can still use tax software, a tax professional, or Form 4868 (Application for Automatic Extension of Time To File U.S. Individual Income Tax Return) even after the deadline to help you file accurately. While Form 4868 doesn't extend the time to pay, it can help you avoid the failure-to-file penalty if filed by the original deadline (though this won't apply now).
  • Contact Tax Resolution Plus: If you're feeling overwhelmed by penalties, interest, or have difficulty paying your tax bill, the experts at Tax Resolution Plus are here to help. We can analyze your situation, communicate with the IRS on your behalf, and explore all available options for tax relief.

Don't let a missed deadline turn into a bigger problem. Take action now and reach out to Tax Resolution Plus for professional guidance and support.