Tax Day, which this year was on May 17, is already behind us. This means that if you forgot to file and pay your taxes, you have to take action right now. Here’s what you need to know.
What to Do If you Couldn’t File Your Taxes by May 17
Here there are two basic scenarios: taxpayers who are owed a refund and taxpayers who owe taxes.
In the first case (you are owed a refund), there’s no penalty for filing late. However, tax owed and not paid by May 17, 2021, is subject to penalties and interest.
If you didn’t file your return on time and owe taxes, then the first thing to do is to file a return and pay as much as you can as soon as possible to prevent penalties and interests from adding up.
Some Tips to Keep in Mind
Some taxpayers who file after the deadline may qualify for penalty relief, especially those with a history of filing and paying their taxes on time. Those people who are charged a penalty can contact the IRS and explain why they weren’t able to file and pay on time.
Additionally, don’t forget that some people have more time to pay their taxes, for example, disaster victims, certain military service members, and eligible support personnel in combat zones.
Keep in mind that this information refers to federal taxes. State taxes may have different deadlines and regulations, so it’s important to understand the difference and get accurate information to make sure you stay compliant.
A tax professional can offer valuable guidance in this and other situations, so don’t hesitate to seek the advice of an expert you can trust.
Contact the Tax Experts at Delgado’s Insurance
If you are looking for assistance with your 2020 tax return or your stimulus payment, contact our experts at Delgado’s Insurance. Our mission is to help you make sense of your options to reduce your liability and maximize your deductions 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 (firstname.lastname@example.org), or through our social media accounts (Facebook, Twitter) to get a free quote and learn more about our wide array of services.