Forgot to File Your Taxes? It's Not the End of the World.
Tax Day falls on Tuesday, April 18 this year. This is because the usual date, April 15, falls on a Saturday. When this happens, typically the deadline to file your taxes falls on the next Monday, however, this year is a little different. Because Emancipation Day occurs over the same weekend, it is observed on Monday, April 17, moving Tax Day to the 18.
So, you’ve got a little extra time to file, but being that it's a weekend it really doesn’t extend the time frame in which you should be filing your taxes. Whether you choose to file your taxes online, or through a local office, there are plenty of options to help you get you information submitted before the deadline, which you don’t want to miss. If you do miss the deadline, you could be looking at a penalty. Here's a look at what to do if you have forgotten to file your taxes.
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 of 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.