If you missed the April 15 filing deadline, you should submit your federal tax return as soon as possible. If you missed the deadline to file and owe taxes, it is important to file as soon as possible to avoid penalties and interest.

Requesting an extension allows for additional time to file but not to pay taxes owed. Interest and penalties will continue to accrue on the owed taxes until the balance is paid in full.

File and pay now to limit penalties and interest charges

If you can’t afford to pay the full amount of the taxes you owe, you should still file a tax return and pay as much as possible. The IRS offers options for taxpayers who need help paying their tax bill. You may qualify for penalty relief if you have filed and paid timely for the past three years and meet other important requirements. Contact our office for more information about these programs.

If a refund is owed, consider filing a tax return

There’s no penalty for filing after April 15, if the IRS owes you a refund. If you choose not to file a tax return because you don’t earn enough to meet the filing requirement, you may miss out on receiving a refund due to potential refundable tax credits, such as the Earned Income Tax Credit and Child Tax Credit.

This article carries no official authority, and its contents should not be acted upon without professional advice. For more information about this topic, please contact our office.