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Missing the Tax Deadline: What You Need to Know for 2024



Missing the tax deadline can be a stressful experience, but understanding the implications and taking prompt action can help you mitigate potential penalties. Here's a comprehensive guide on what happens if you miss the 2024 tax deadline and the steps you should take.




What Happens if You Miss the 2024 Tax Deadline?
  1. Penalties and Interest: If you miss the tax deadline in 2024, the IRS will likely impose penalties and interest on the taxes you owe. The two primary penalties are the failure-to-file penalty and the failure-to-pay penalty. The longer you wait, the more these penalties can accumulate.

  2. Possible Loss of Refund: If you are owed a refund, failing to file your taxes on time may delay receiving your refund. In some cases, you may forfeit your refund entirely if you wait too long to file.

  3. Impact on Future Returns: Missing the deadline can complicate future tax filings and may lead to additional scrutiny from the IRS, increasing your chances of an audit.


Steps to Take if You Missed the Tax Deadline in 2024
  1. File As Soon As Possible: Even if you can't pay your taxes immediately, file your tax return as soon as possible to minimize the failure-to-file penalty.

  2. Pay What You Can: Pay as much of your tax bill as you can when you file. This will reduce the amount of interest and penalties you will owe. You can set up a payment plan with the IRS if you can't pay the full amount immediately.

  3. Consider Filing for an Extension: If you know before April 15th  that you will miss the deadline, file for an extension by the original tax due date. This gives you until October 15th to file your return, though you still need to estimate and pay any taxes owed by the original deadline. An extension does not provide you an extended period to pay, only an extended period to file.

  4. Communicate with the IRS: If you are facing financial hardship, reach out to the IRS to discuss your situation. The IRS offers options like installment agreements and temporarily delaying collection until your financial situation improves.

  5. Review and Organize Your Documents: Gather all necessary tax documents, such as W-2s, 1099s, and other income statements. Properly organizing your documents will streamline the filing process and ensure you don't miss any deductions or credits.


By following these steps and understanding the consequences, you can minimize the negative impact of missing the tax deadline in 2024. Remember, the sooner you act, the better your financial situation will be.


Here at Walker Tax & Bookkeeping, we work with late filers every year. We provide nonjudgmental help to late filers. We focus on getting you back into compliance so you can sleep soundly at night. Our goal is to get you back on track without any judgment, ensuring a stress-free path to meeting your tax responsibilities.


Get in touch today to get your return prepared and filed fast, to get on track with your taxes. info@walker.tax or 651.408.5189

 

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