What To Do If You Miss The 2016 Tax Deadline

If you have already filed all of last year’s taxes then you are good to go for another year! Your tax refund should be deposited to your account soon. However, there are countless reasons for missing the tax deadline and for failing to file a tax extension, such as waiting on financial forms, travel and other important life events.

Here is a quick rundown of everything you need to know and do if you are one of those who couldn’t make the cutoff this year.

• File your taxes as soon as you can.

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Some individuals think that once they’ve missed the deadline, there is no longer a need to rush. This cannot be more wrong. The longer it takes you to file and pay your taxes, the higher the interest and penalties will be.

If you miss the April 18 deadline, you have until October 15 to file and pay for your taxes if you file for a tax extension right away. If you owe the IRS money, you still have to pay that amount or an estimate of what you owe on April 18. Not being able to file for an extension will result in higher fees. However, if you do not owe the IRS any money, you will not be penalized for missing the tax deadline.

Remember, the sooner you file, the sooner you can get your refund.

• File for an extension / make an estimated payment.

If you owe the IRS money for the previous tax season, then you will need to do three things:

1. File for your extension,
2. Make an estimated payment of how much you owe,
3. File your return before October 15.

You still have to pay the IRS as soon as possible; otherwise, you will be racking up an unnecessary amount of penalties. The easiest way to ensure this is by filing your extension online. There are numerous websites that will allow you to fill up and submit digital versions of the IRS forms, so be sure to scout around or ask a recommendation from any tax attorneys you know.

• Figure out how much you owe in penalties.

There are two types of penalties that are immediately assessed by the IRS. These are: (1) failure to file or FTF penalties, and (2) failure to pay or FTP penalties.

The FTF penalties can amount to 5% per month, maximum of 25% a month.

The FTP penalties can amount to 0.5% per month, maximum of 25% a month.

The sooner you can settle these penalties, the less you will have to pay in total compared to prolonged and protracted penalties due to neglect.

There is also a penalty for underpaying your taxes. Underpayment penalties are typically assessed per individual case, so there is no base computation that would apply in general. The IRS also needs to investigate if there was criminal intent in the underpayment, therefore underpayment penalties can be anything from a small additional fine or a more complicated case of criminal charges.

• Get professional assistance.

Although the Internet can provide you with online forms so you can e-file your taxes, the entire process of filing for an extension and computing how much you owe the IRS can be a long and tedious process. Oftentimes, it is our lack of free time that causes us to miss these important deadlines.

To save yourself from the trouble of missing more deadlines or underpaying taxes, you can hire the services of a trained and licensed tax attorney to help ensure that you don’t leave loose ends hanging.

Hazzouri Accounting provides professional tax and accounting services in Canton, MI and surrounding areas. We will be happy to answer your inquiries and lay out the process for missed filing and penalties so you can focus on other important things. If you need to know more about how we can assist you in your tax situation, give us a call at (734) 844-1614 today!

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