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3h ago
So You Missed the Tax Deadline. What Happens Now?
- Latest: If you missed the deadline, your next move is to file as soon as possible to minimize penalties.
- Refund filers have up to three years to claim money, with refunds potentially delayed but still receivable.
- If you owe taxes and miss the deadline, expect failure-to-file and failure-to-pay penalties plus interest.
- The failure-to-file penalty can be as high as 25% for each month the return is late.
- Extensions offer six more months to file, but must be filed by the original deadline.
- If you file an extension on time and pay what you owe, penalties may be reduced.
- Payment plans are available if you can’t pay the full amount owed.
- Long-term plans involve monthly payments and may incur fees.
- Extensions do not grant extra time to pay; estimate at least 90% of liability to avoid penalties.
- If you can't pay, consider a debt strategy including possible credit options and consolidation.
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