July 15, the deadline to file and pay your taxes has come and gone. Those who couldn’t file by that date had the option to make payment and request an extension. But what if for any reason you didn’t file and didn’t request an extension? Keep reading to discover what are the alternatives at your disposal.
Some Taxpayers May Have More Time
Some taxpayers get more time to file and pay their taxes. You may still be able to file on time if you belong to any of the following categories:
- Members of the military who served or are currently serving in a combat zone.
- Support personnel in combat zones or a contingency operation in support of the Armed Forces.
- Some disaster victims.
There is no penalty for Filing Late if a Refund Is Due
Remember: There is no penalty for filing after the deadline if a refund is due. When you file your taxes, make sure your return is prepared and filed electronically. This is the best option and has been for a while, but now there are even more reasons to choose electronic filing. The IRS is experiencing delays in processing paper tax returns due to limited staffing. Therefore, you may have to wait significantly more for your return if file a paper return.
After filing, you can check the status of your refund using the online tool Where’s My Refund on the IRS website and the mobile app IRS2GO and by phone at 800-829-1954. In order to track your refund, you’ll need your Social Security Number, your filing status (single, married, or head of household), and the expected amount of your refund.
File to Reduce Penalties and Interest
Normally, the penalty for failing to file your taxes on time is 5% of the tax owed for each month or part of a month that a return is late. However, if a return is filed more than 60 days after the due date, the minimum penalty is either $435 or 100% of the unpaid tax, whichever is less. Filing and paying as soon as possible is important because the penalties for failing to file and failing to pay can add up quickly.
You May Qualify for Penalty Relief
Some taxpayers who miss the filing and paying deadline may qualify for penalty relief. You may qualify yourself if you have paid and filed your taxes on time for the past three years and meet other requirements. You can find more information about penalty abatement here.
Get Help from the Tax Professionals at Delgado’s Insurance
Whether it’s filing your taxes or finding the insurance coverage that makes the most sense for you, at Delgado’s Insurance our mission is to always delivering excellent service so you can rest easy knowing that we are here to help.
We have locations in Riverside, California, and Bloomington, California. Contact us today by telephone (951-361-0084, 909-421-9003), email, or through our social media accounts for more information or to learn more about the services we offer.