It’s probably something you’ve wondered about before: just what happens when you miss the tax filing deadline? I get it, sometimes certain things just fall through the cracks. In this case, what really matters is what you do next.
If April 15th came and went and you never filed your tax return, it’s time to get to it.
Don’t ignore it.
The IRS is happy to hold on to your refund or collect fees for what you owe. But it’s your money, and you don’t want to throw it away on penalties and interest.
Here’s what you need to know if you’re filing your taxes late:
To get your tax refund, you have to file your return
The good news is that if you are owed a refund, there is no penalty for filing late. The IRS is just hanging on to your hard-earned cash until you ask for it. It’s like giving the government an extremely low-interest loan. Frankly, you can make a much better investment, so slay your taxes now and get your maximum refund back.
The IRS will accept your return anytime
In fact, they continue to process tax returns all year long, and they want you to complete yours. It’s better late than never – and I mean that. You can file online with TaxSlayer at midnight on a Sunday and your return will be processed – if all the information is correct, of course.
Take the time to do it right
Don’t pay more in taxes because you were too rushed to enter your details. You’re still entitled to tax deductions and credits. Slow down long enough to fill in all your information, so you get every break you deserve. It’s your money, remember? Fight for it. Here is a list of other common last-minute mistakes that you can recognize and avoid.
Handle it like your finances
You know how to manage your credit card balance like a pro, so don’t let your tax balance be the one that gets out of hand. The IRS wants you to be accountable, and if you don’t pay your bill, they will charge a late payment penalty in addition to a failure-to-file penalty. We’re talking about a serious non-zero number, and the longer you wait, the more you’ll owe. It’s kind of a no-brainer, but it’s also very real. If you need to make a payment, here’s how.
This post is sponsored by TaxSlayer®