How to Fix Things if You Missed the Tax Deadline
Apr 26 10:22 AM

How to Fix Things if You Missed the Tax Deadline

Apr 26 10:22 AM
Apr 26 10:22 AM

The 2022 tax deadline has passed. It was April 18th this year, but you forgot about it. You missed it, haven't filed your taxes, and are wondering what to do now. Don't worry! We're here to tell you how to fix things if you missed the deadline. There's good news and bad news, which depends on your situation, so we'll start with the bad news.   

If you owe taxes...  

The bad news is if you owe taxes, you still owe them, and you'll be charged with failure-to-file and failure-to-pay penalties. You also can't file an extension at this point, but you still can, and should, file your taxes because the faster you file, the less you'll owe in penalties. "What are the penalties?" you ask. Well, generally, the IRS charges them on a monthly basis, but they can be prorated for a portion of the month. If you still haven't filed and paid after 60 days, you will incur an established minimum penalty that is the lesser of $205 or 100% of the unpaid tax you owe.  

If you're expecting a refund...  

The good news is if you're expecting a refund, there's no penalty for filing late. In fact, you have three years to file a return and get that refund. Believe me; the IRS is happy to hold onto your refund, interest-free, for a little longer. However, if you're reading this article, that means you're concerned about missing the deadline, and this is your reminder to file a return as soon as possible so you can get your refund from 2021, 2020, or 2019. The IRS estimated it had $1.5 billion of unclaimed refunds from 2018, and although you can't get that back now that April 18th has passed, you can get your refund from the past three years.   

  

We recommend you file even if the deadline has passed, whether you owe or are expecting money back. If you owe, filing soon will reduce your penalties. If you're expecting money back, you'll get it faster. Either way, filing your taxes is important and should be done in a timely manner. To eliminate this issue next year, we recommend you speak with a CPA, so they can help you plan accordingly for the 2022 deadline on April 15th, 2023. Although BaCo Group doesn't handle 1040 returns anymore, we have a great referral for you, so contact us via our contact form on our website for a 1040 referral. 

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