Five steps to take to mitigate any penalties and consequences
The tax deadline for individuals in the United States is usually April 15, but in some years it can be moved due to various reasons. This year, the tax deadline was moved to April 18.
The reason for the change in deadline was due to a holiday observed in the District of Columbia. Emancipation Day, which marks the anniversary of the day that President Abraham Lincoln signed the Compensated Emancipation Act in 1862, is a legal holiday in the District of Columbia. Since April 16, 2022, fell on a Saturday, the holiday was observed on Friday, April 15, which coincided with the traditional tax deadline.
If, however, you miss this year’s new tax filing deadline, the first thing you should do is not to panic. It's a common mistake that can happen to anyone. However, you should take steps to correct the situation as soon as possible to avoid any penalties or further consequences.
Here are five steps you can take if you missed the tax filing deadline:
File your taxes as soon as possible: Even if you missed the deadline, it's important to file your taxes as soon as possible. The longer you wait, the more penalties and interest charges you will incur.
Pay any taxes owed: If you owe taxes, it's important to pay them as soon as possible to avoid additional penalties and interest charges.
You can use the IRS's online payment options or pay by check or money order.
Request an extension: If you need more time to file your taxes, you can request an extension of time to file. This will give you an additional six months to file your taxes. However, keep in mind that an extension of time to file does not extend the deadline to pay any taxes owed.
File amended returns: If you realize that you made a mistake on your tax return after you've already filed, you can file an amended return. However, you should only do this if you discover an error or omission on your return. You cannot use an amended return to avoid penalties for a late filing.
Contact the IRS: If you're having trouble filing your taxes or paying any taxes owed, you can contact the IRS for assistance. The IRS can provide you with guidance on how to file your taxes or set up a payment plan if you're unable to pay in full.
If you miss the tax filing deadline, don't panic. Taking these steps can help you mitigate any penalties or consequences associated with a late filing.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
This article was prepared by FMeX.
LPL Tracking #1-05368033