If you can’t file by April 15 and are wondering what to do if you miss the tax-filing deadline, the IRS will grant you a 6 month filing extension. While the extension gives you more filing time, you still have to pay at least 90% of your owed taxes by April 15th to avoid fines. But, what happens if you miss the tax extension deadline? If October 15 comes and goes without you having a chance to file, the consequences could be severe, depending on what you owe.
If you miss the tax extension deadline and…
You are owed a refund by the IRS:
Nothing is likely to happen. Since you don’t owe the IRS money, you won’t be fined. If you want your refund, however, you will have to file. The IRS will not remind you that they owe you money; you must file to receive your refund. If you do not file within 3 years, you will lose your refund. So, while there is no necessary rush, there is a chance you could lose out on money owed to you if you do not file.
You owe money to the IRS:
Expect fines and penalties. If you do not pay what you owe by April 15, you start accruing the 5% failure-to-pay fine for every month you are late. If you miss the October 15 deadline and still have not paid nor filed, the IRS will file a substitute return for you and they will not include any deductions that you may be subject to. If you still do not pay once the substitute return has been filed, the IRS will begin collection against you and take hold of your assets.
If you are concerned about late taxes and need a tax advisor in Coral Gables, consider the tax experts at Paramount Tax and Accounting. If you are concerned about filing late and/or unsure of your ability to pay, we can assist you in finding IRS approved payment options, including:
For a qualified tax pro in Coral Gables, Paramount Tax and Accounting is your trusted firm. Contact us today for a Free Consultation.
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