Tax Deadline day is just days away – April 15th is the annual deadline (unless it falls on a weekend) for most people to file their federal income tax return and pay any taxes they owe. If you’ve not done so yet, it’s time to take action!
You don’t want to miss this deadline if you can help it. By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and for failing to pay taxes they owe by the deadline.
Did you know that April 15 is also the hard deadline to file for an extension to file your individual tax return? Contact us today and we can help you make that happen.
What happens if I do miss April 15?
If you miss the deadline but are due a refund, you can relax. There is no penalty if you file a late tax return because the government is happy to hold on to your money a little longer!
But if you do owe tax, and failed to file and pay on time, you will most likely owe interest and penalties on the tax you pay late. To keep interest and penalties to a minimum, you should file your tax return and pay any tax owed as soon as possible. Here are some facts you need to know:
- Two penalties may apply – failure-to-file and failure-to-pay.
- Penalties add up fast and accrue interest.
- You should file even if you can’t pay.
- Pay as much as you can. Explore payment options at gov/payments.
- No late penalties if reasonable cause can be shown.
Don’t Delay – Take Action Today
No one wants to pay penalties and/or interest, and you certainly don’t want to pay interest on penalties! Please don’t pay the government more than you have to. Take control of your tax situation by giving CD Tax a call today at 480-354-1040 or contact us online.