What to do when you miss the tax filing deadline

- So you are going to miss the tax filing deadline? I know, sometimes life gets in the way. So now what?  Well, if you are getting a refund, don't panic. You'll still get it when you file, but that the money doesn't sit there forever.

You have until April 17, 2021 to collect that refund. If you don't do it by then, it's considered a "donation" to the US Treasury.  Again you have until this time three years from now to collect your refund before it goes away.

Penalties: Late filing & Late payment
Ok let's say you owe the IRS money. Then you really need to get moving because two penalties apply here - late filing and late payment. The late filing fees are much more significant than the late payment costs. So it behooves you to file even if you're not ready to pay yet.  File.

3 quick facts about late filing.
1. File even if you can't pay.
2. File if you only partial pay. You can make monthly installments pre-arranged with the IRS.
3. No penalty if late for reasonable cause.

This can be fire, death, injury, destroyed records - a number of things.  But don't put it off any longer. 

IMPORTANT HELPFUL LINKS

8 Links on Late Filing and Late Payment Penalties

Help for Taxpayers Who Can't Pay

Tips for Filing An Extension                                                                                                             

 

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