What To Do if You Missed the Tax Deadline
The tax deadline has come and gone except after all, you filed a tax extension. If you happen to missed the tax deadline and didn’t file your taxes or an extension, listed here are a couple of steps you’ll be able to take to get your taxes carried out.
File as Quickly as You Can
If you happen to owe cash, you’ll wish to file as quickly as you’ll be able to to keep away from additional penalties. Though you will have a penalty for submitting late, your penalty might be smaller than for those who don’t file in any respect. Submitting as quickly as attainable will scale back what you owe in curiosity. The longer you wait to file, the larger the curiosity penalty.
The IRS additionally acquired copies of your tax varieties like 1099-NEC or W-2 varieties, which replicate your revenue earned for the 12 months. You wish to file as quickly as attainable so that they don’t present that you simply owe extra taxes since they don’t know all the tax deductions and credit you qualify for. TurboTax will examine and see for those who’re eligible for over 350 tax deductions and credit primarily based in your entries.
You might also have a tax refund ready. Whilst you received’t obtain a tax penalty you probably have a refund coming, yearly the IRS reviews over $1 billion {dollars} in unclaimed tax refunds as a result of individuals don’t suppose they made sufficient cash to file their taxes. Even for those who made underneath the IRS revenue threshold for submitting ($12,550 single, $25,100 married submitting collectively), it’s best to file for those who had federal taxes withheld out of your wages or you might be eligible for tax credit just like the Earned Revenue Tax Credit score or the Restoration Rebate Credit score. If you don’t file your taxes and you might be entitled to a tax refund, you must declare your tax refund inside three years of the tax return due date.
You additionally must file for those who acquired a sophisticated premium tax credit score that will help you pay for medical health insurance within the Well being Insurance coverage Market.
Use E-file
Despite the fact that you waited to file your taxes, you’ll be able to nonetheless go browsing and e-file your taxes conveniently from the consolation of your personal home with TurboTax. TurboTax is offered for e-file till October 17 when the IRS closes e-file for the 2021 tax 12 months.
If you happen to mail in your tax return, it would take the IRS longer to obtain and course of your return. E-file with direct deposit is the quickest strategy to get your tax refund. The IRS states they are going to subject 9 out of 10 tax refunds inside 21 days or much less from acceptance.
If you happen to mail your return, it could usually take 4 to 6 weeks from acceptance to obtain your tax refund, however proper now mailed tax returns are taking even longer. E-file permits your tax return to be acquired and processed by the IRS rapidly and simply. Plus additionally, you will obtain acknowledgement of receipt of your return.
Make Cost Preparations
Some taxpayers postpone submitting as a result of they owe cash they usually don’t understand how they’re going to pay. If you happen to postpone submitting because of this, there are steps you’ll be able to take that might be higher and more cost effective for you.
It is best to file as quickly as attainable, pay what you’ll be able to, after which request a cost plan from the IRS. The IRS has a number of choices that will help you. You may request a brief time period cost plan, long run installment settlement, supply in compromise, or briefly delay collections in some conditions. You may arrange a brief time period cost plan for those who will pay what you owe inside 180 days (up from 120 days underneath the Taxpayer Aid Initiative). Long run installment agreements assist you to pay what you owe over six years. In case your complete taxes, penalties, and curiosity is as much as $50,000, you’ll be able to request an installment settlement on-line.
By the point you get all of the tax deductions and credit you’re eligible for, chances are you’ll be getting a tax refund.
TurboTax Has You Lined
Don’t fear for those who missed the deadline, you’ll be able to nonetheless file with TurboTax. TurboTax has you lined and can ask you easy questions on you and provide the deductions and credit you’re eligible for primarily based in your solutions. If in case you have questions, you’ll be able to join dwell through one-way video to a TurboTax Live tax knowledgeable with a median of 12 years to get your tax questions answered from the consolation of your property. TurboTax Dwell tax consultants can be found 12 months spherical in English and Spanish they usually may also evaluation, signal, and file your taxes and new this 12 months, you too can absolutely hand over your taxes to them.
Filed my taxes before deadline and saw it was rejected after due date. A number happened to be wrong on my as. I fixed and sent again and now it was excepted. Do I still need to file an extension or is it fine because my information was in already??
Hi Jenna,
No need to file an extension. You tax return is still considered filed as timely (on time) even though it was rejected. The date it was originally submitted and rejected is considered the filing date.
You may check the status of the tax refund via IRS “Where’s My Refund?” tool.
Please note you will need the following information when checking on your refund status:
Social security number or ITIN
Your filing status
Your exact refund amount
Thank you
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