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Can You File Taxes After The Deadline

If you don’t meet the April 18, 2022 deadline for preparing and e-Filing a 2021 Tax Return, or if you e-File an extension by that date.

You may e-File your 2021 taxes until October 15, 2022.

So It’s time to file your taxes, so don’t put it off any longer. This is especially true if you’re eligible for a Premium Tax Credit to offset the cost of insurance.

It’s preferable to file an income tax return as soon as possible, since failure to do so may jeopardize your tax credit.

What happens If you missed the deadline of filling your Taxes

There is a significant difference between an IRS late filing and a tax payment penalty.

A late filing penalty, which is generally greater than a tax payment penalty, occurs if you owe taxes but do not submit your return or extension on time (for example by April 18, 2022).

Even if you are unable to pay your tax bills on time, we strongly advise you to submit a federal or state tax return or extension by tax day or the tax deadline.

If you do not pay your required taxes on time, you may be fined.

Note: File your return as soon as possible because you owe taxes, even if you can’t pay right now – and file it by the deadline to avoid late filing fines and pay it to avoid late payment penalties, but why?

Because late filing penalties are higher than late paying penalties, it would reduce your delayed filing fees, Even if you don’t have the complete minimum required taxes.

Alan Chen

Free 30-Min Strategy Session

By the end of this Strategy Session, you will have a clear understanding of the next steps you can take for your business to take advantage of the tax deductions you are missing out on.

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How These penalties are calculated

If you don’t pay your taxes, the IRS might fine you and add to the amount owed. The penalty is $50 per incident until 2022, with a possible maximum increase to 25% of unpaid tax if this isn’t paid off within two years.

Note: If you don’t file your tax return on time, the 5% per month penalty will rise to 15% each month if it’s due to fraud.

The minimum penalty for returns submitted more than 60 days after the due date or extended due date is $210 (or 100% of the unpaid taxes).

If you don’t pay your back taxes or current taxes, you could be charged hefty penalties and accruals over time if you don’t.

The IRS assesses a penalty of up to 25% of the back taxes you owe for each month or part-month that payment is late.

The failure to pay penalty is calculated at 0.5 percent of your outstanding balance each month (up to a maximum of 25% of the amount owing).

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What Taxpayers Should expect at October 15, 2022

The table below summarizes the various October 15 deadlines to give taxpayers a better idea of what to anticipate if they miss the Tax Day deadline.

We made it to provide taxpayers some time to gather their tax forms, arrange their payments, and assess and pay any fines that may have accrued:

DeadlinesReturn Type
Oct. 15, 20222021 IRS Income Tax ReturnIf you e-Filed an extension before April 18, 2022 or did not file a 2021 Tax Return by then and anticipate owing money, e-File your 2021 Tax Return by Oct. 15, 2022 to avoid new or increased late filing penalties.
Oct. 15, 2022 2021 IRS Income Tax ReturnIf you e-filed your IRS and state tax return by April 18, 2022, you can combine them into one electronic filing until October 15, 2022.
Oct. 15, 2022 Prepare one or more state tax returnsFile taxes directly with your state from the the IRS.
Oct. 15, 2022 Calculate, Estimate First
Oct. 15, 2022 Your Tax Refund Estimate DateEstimate the date on which your federal refund will be paid by the IRS after you e-Filed or filed an accepted tax return.
OngoingBack taxes, previous tax years.If you missed the Oct. 15, 2022 deadline to prepare and file your prior year tax return, you may submit your tax forms and return to the IRS or with an expert.
Tax Refund Date April 15, 2025Unclaimed Tax RefundsIf you expect a tax refund for one or more prior tax years but have not filed an IRS or state income tax return, you will most likely not be subject to late filing fees or penalties.
Oct. 15, 20222021 IRS Tax Amendment
2021-2022 DeadlinesTax Year 2021 Due in 2022

What should you do if you can’t afford to pay it?

Understanding your alternatives can assist you in determining what to do if you owe the IRS.

You’ll be better prepared if you make a plan. Here some of the most frequent choices for individuals who owe but cannot pay their debts.

1) Create an IRS-approved installment agreement

Paying taxes through IRS payment plans, also known as installment agreements, is possible.

It’s critical to get out of debt as soon as possible in order to keep your IRS standing strong.

Note: You shouldn’t set up an installment agreement if you can pay off the outstanding balance within 120 days.

Fees: The application fee for internet payment agreements is $149, or $31 if payments are made electronically. The charge is $43 for low-income taxpayers. To apply for a reduced-fee Form 13844.

How to do it

Fill out an online payment agreement or Form 9465. For installment agreements of $50,000 or less, you won’t need to submit a financial statement.

You may also get advice from Alan Chen, CEO of Free cash flow, through a free consultation call.

Advantages and disadvantages

If you enter into an installment contract, the penalty on your outstanding balance is reduced to 0.25 percent per month until you pay the complete amount on time.

Keep in mind that 3% interest is added to the short-term federal rate (interest may vary each quarter). If you don’t pay on time, the IRS has the authority to invalidate contracts.

Forms

If the balance is more than $50,000, you must complete a Form 433-A or a Form 433-F. You can make payments through payroll deductions (Form 2159, Payroll Deduction Agreement).

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2) Request an extension to pay the whole amount of your debt

Taxpayers are given up to 120 days, according to the IRS, to pay their entire tax balance.

Fees: There is no cost to ask for an extension. But keep in mind there’s a 0.5% monthly penalty on the unpaid balance.

How to do it

Make an online payments agreement and call the IRS at (800) 829-1040

Advantages or disadvantages

The IRS may accept payments up to 120 days after the due date if your tax return is submitted electronically.

This choice is useful for people who need only a short time to pay their entire tax obligation.

The IRS will charge interest at a rate of 3% over the federal short-term lending rate (interest might vary quarter by quarter).

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3) Request a hardship extension

The IRS has several options for those in difficulty, including currently not collectible status and the offer in compromise.

You’ll only qualify for an extension on account of hardship if you can show that paying your tax obligation would be particularly difficult because of IRS financial criteria.

Fees: There is no fee to apply for a hardship extension. There are no penalties, but interest is calculated at the short-term federal rate plus 3 percent.

How to do it

On IRS Form 1127, request for extension of time to pay taxes due to unexpected hardship, you must state your assets and liabilities.

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4) Get a personal loan

If you don’t have a credit card or an established relationship with a lender, you might ask someone close to you for money – perhaps a friend or family member.

Because the costs and fees incurred will vary significantly depending on the source, it’s important to compare rates.

5) Use a debit/credit card

This is a popular choice for many individuals, since there are several service providers available.

Fees: The cost of a credit card payment will vary by state; it is normally around $2.49 to $3.95 (debit card) or 1.87% to 2.35% of the tax balance due (credit card).

How to do it

Contact the IRS to get a list of service providers.

Advantages or disadvantages

This form of payment is useful since it allows taxpayers greater control and flexibility in making payments.

They may also get points, miles, or other credit card rewards as a result. Higher credit card debt, on the other hand, may have a detrimental impact on your credit score, and paying with credit might not be advised for individuals dealing with unmanageable debt.

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What Should You do if you are Overwhelmed? (Which is not your fault)

As your company grows larger, the issues you face become increasingly complicated.

When you reach this stage, you must hand over control to the specialists so they can assist you in growing your online business while keeping your focus in your business growth only.

We here at Free cash flow, helping online businesses (like your business) to boost their revenue and doing what other firms miss.

I know you’re anxious about not receiving as much as you had hoped, but believe me when I tell you that we exceed your expectations.

Move your online business to the next step NOW and book a free consultaion call with Alan Chen, CEO of Free cash flow

FAQ

What happens if I miss tax deadline?

If you do not submit your tax return on time, you will be assessed a 5% penalty for each month that it is late, up to a maximum of 25%.

The IRS charges 5% per month if you don’t pay your taxes; the amount can range from 5 to 25 percent of the tax due.

Is it legal to not file taxes if you don’t owe any money?

For most individuals, the IRS has basic filing requirements. Most people file a return even if they don’t owe any taxes if their gross income is more than the standard deductions for the year.

The normal deduction is one of the primary automatic deductions.

Is it possible to submit my 2019 taxes electronically in 2021?

Yes, you may electronically submit an original Form 1040 series tax return using any filing status.

Because it is sent digitally to IRS computer systems, e-filing your return is faster, safer, and more accurate than submitting a paper tax return.

What happens if you don’t submit your taxes and don’t owe any money?

The IRS may impose a penalty of 0.5% per month on the outstanding balance if you do not pay your taxes by the due date. The IRS may charge interest on any unpaid amount, in addition to the failure-to-pay penalty.

How far back can the IRS look?

The IRS can generally audit returns filed within the previous three years. If they discover a large error, we may extend the time period examined.

Typically, we do not go back beyond the previous six years. The IRS strives to investigate tax filings as soon as feasible after they are submitted.

Will I be sent to jail if I don’t submit my taxes?

Penalties for attempting to avoid an IRS assessment can include a sentence of five years in prison. You may be sentenced to one year in jail for each year you don’t file a return after three years from the tax due date.

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