When U.S. taxpayers don't submit their income tax return by their due date-- that is, April 15 unless extensions are given-- the IRS might decide to enforce a failure-to-file charge versus them.
For each month your income tax return isn't filed, you can typically anticipate a penalty of around 5 percent of your tax costs to be applied. Such a charge can continue to accumulate until it reached 25 percent of your overdue taxes.
For some, un-filed tax return penalties are an extra concern they can't manage. At the Tax Reief Clinic, we know there are good reasons why you didn't file your taxes on time.
The IRS accepts certain reasons submitting a late income tax return, including:
- Serious health problem (including COVID-19).
- Natural disasters.
- Simply being unable to do so regardless of good faith efforts.
Problems like being unable to afford your tax costs or merely forgetting to submit on time are not.
Forget to File Your Taxes?
Every tax season is a stressful time. Did you forget to file your taxes by the deadline? Unsure of the effects or next steps? According to the IRS, if your return weren't turned in by the due date or your extension; the following might take place:.
However, you risk loosing the refund if you miss out on the due date.
We understand that forgetting to submit your taxes is a difficult and discouraging time. Our tax attorneys at The Tax Relief Clinic are here to help. We have experience handling un-filed taxes and will deal with you to find out your options. Call us today.