It's a busy time of year and there are so many things to keep track of, and it's only natural to forget one or two of the things on your to-do list. If filing your taxes is one of the things you forgot to do this year, here's what to expect.
First of all, the official deadline to file your taxes is on April 18 this year, as opposed to the usual April 15 deadline. This is because Emancipation Day is observed on the 15, and in the event that tax day falls on a weekend or on a national holiday, it is moved to the following business day. Since the date has been pushed back, you may not be as late as you thought, but you're still behind schedule and you've got to get those taxes done!
What Happens Now?
Don't worry, No one is going to come beat down your door any time soon, but you should probably, you know, file your taxes. (It's kind of important.)
The Internal Revenue Service (IRS) offers two different penalties for taxes, one for failure to file, and one for failure to pay. Extensions can be granted for both of these with proof of reasonable cause for delinquency. (No, "I forgot" is not a reasonable cause.) Applications for extension must be submitted to the IRS. More information on that can be found here.
It is important to note that, when an extension of time to file is granted, that does not extend the time of payment. If you're approved a filing extension, payment is still due at the initial due date, and late fees and interest will begin immediately after the initial due date unless an extension of time to pay is given.
If you don't owe taxes, you won't receive any penalties for not filing, however, if you are owed a refund, you must file a return before you can collect it. Refunds will not be awarded more than three years after the due date, so collect yours soon. If you're reading this, meeting deadlines probably isn't your strong suit. (Just kidding, but really, don't let your refund expire!)
For more information, or to file for an extension, click here.
Be Aware of Tax Scams
This time of year, it is not uncommon for tax scams to arise. If you receive any phone calls regarding your taxes, do not provide any personal information. Any communication from the IRS regarding tax information will be in the form ov writing, and will not take place over the phone.
Please note that 360Wichita.com is not a tax adviser, and this content is intended to be informational rather than instructional, and should not be taken as financial advice.