I Missed The Tax Deadline 2022: What Should I Do?
What is the Tax Deadline?
Tax season has arrived and with it comes the burden of filing taxes. For most people, the tax deadline is April 15th, 2022. It is important to meet this deadline as failure to do so can result in penalties and interest charges. The tax deadline is the date by which you must file your taxes with the Internal Revenue Service (IRS). It is important to note that the tax deadline is different from the payment deadline. Even if you cannot pay the full amount of your taxes due, you must still file on time in order to avoid penalties.
What Happens if I Miss the Tax Deadline?
If you miss the tax deadline, you are subject to a late filing penalty. The penalty is 5 percent of the unpaid taxes for each month (or part of a month) that your return is late, up to a maximum of 25 percent of your unpaid taxes. In addition to the late filing penalty, you may also be charged interest on the unpaid taxes. The interest rate is the federal short-term rate plus 3 percent. If the IRS believes that you have willfully attempted to evade taxes or fraudulently file your return, you may be subject to additional fines and penalties.
Request an Extension of Time to File
If you find yourself in a situation where you are unable to file your taxes by the tax deadline, you may be able to request an extension of time to file. To do this, you must fill out IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Tax Return. This form must be filed and postmarked by the tax deadline. An extension of time to file does not give you extra time to pay any taxes you owe. You must still pay your taxes by the tax deadline or you will be subject to penalties and interest.
File Late with the IRS
If you missed the tax deadline and cannot request an extension, you will need to file your taxes late. To do this, you must complete Form 1040, U.S. Individual Income Tax Return. If you owe taxes, you must also pay the taxes due. You can pay your taxes online using the IRS Direct Pay system or you can mail a check or money order with Form 1040-V, Payment Voucher. Be sure to include your social security number and the tax year on any payments.
Claim Reasonable Cause on Your Return
If you missed the tax deadline and cannot pay the taxes due, you may be able to avoid the late filing penalty if you can show reasonable cause. When filing your return, you must include a statement explaining why you missed the tax deadline. The IRS will review your statement and determine if reasonable cause exists. If it is determined that reasonable cause exists, the IRS may waive the late filing penalty.
File an Amended Return
If you miss the tax deadline and you need to make changes to your return, you must file an amended return. An amended return is a corrected version of your original return. To file an amended return, you must complete Form 1040X, Amended U.S. Individual Income Tax Return. You must include a copy of your original return and any other forms or schedules that were affected by the changes. You must also include a statement explaining why you are filing an amended return.
Conclusion
Missing the tax deadline can be a stressful experience, but it doesn’t have to be. If you find yourself in this situation, there are steps you can take to minimize the damage. You can request an extension of time to file, file late with the IRS, claim reasonable cause on your return, or file an amended return. If you are unsure of how to proceed, it is always best to consult a tax professional.