Tax Day is already in the rearview mirror. Millions of returns were filed and some people are waiting for their refunds. But what to do if you couldn’t file your taxes on time?
What To Do If You Couldn’t File Your Taxes on Time
If you owe taxes and couldn’t file your return on time, the answer is pretty straightforward: file as soon as possible and pay as much as you can to limit penalties and interests.
Some people didn’t file a return because they didn’t earn enough money to be required to do so. Even in that case there are good reasons to file, because this may allow them to receive a refund.
There are some tax credits that allow you to receive money beyond what you owe. Some examples include:
- Earned Income Child Credit
- Child and Dependent Care Credit
- Child Tax Credit
- 2021 Recovery Rebate Credit
Feel free to contact our tax experts at Delgado’s Insurance to learn more about these credits and discover how to claim them.
Remember: there’s no penalty for filing a refund after April 18 2022 if you are owed a refund.
What To Do if You Can’t Pay Your Taxes
If you can’t pay your taxes in full, don’t worry — you have options.
Some taxpayers qualify for an online payment plan, which can be short-term (120 days or less) or long-term (more than 120 days), depending on how much you owe.
Another alternative is an Offer in Compromise, an agreement between you and the IRS that allows you to pay an agreed-upon reduced amount of tax.
The bottom line is that there are tools you can use when you can’t file or pay your taxes on time.
The trick is to be proactive and to work with dependable, knowledgeable tax professionals who are committed to helping you make sense of the tax system.
Delgado’s Insurance: Taxes Made Easy
At Delgado’s Insurance, we have made it our mission to help you maximize your refund while staying compliant with all relevant laws and regulations.
We have locations in Riverside, California, and Bloomington, California. Contact us today by telephone (951-361-0084, 909-421-9003), email (email@example.com), or through our social media accounts (Facebook, Twitter).