I Missed the Tax Deadline - Now What?!?

 

April 15 has come and gone, and you didn’t file your taxes. Maybe life got busy, or maybe you were waiting on one last form. Whatever the reason, if you missed the tax deadline — don’t panic. You're not alone, and there are still steps you can take to minimize penalties and get back on track with the IRS.

Step 1: File As Soon As Possible

The longer you wait to file, the more potential penalties and interest can accumulate. If you owe taxes and haven’t filed, you may face two separate penalties:

  • Failure-to-file penalty: Typically 5% of the unpaid taxes for each month (or part of a month) your return is late, up to 25%.

  • Failure-to-pay penalty: Usually 0.5% of the unpaid taxes for each month, also up to 25%.

Filing your return — even if you can’t pay right away — helps reduce the total penalty. So the sooner you file, the better.

Step 2: Pay What You Can

If you can’t pay your full tax bill, pay as much as you can when you file. The IRS will charge interest on any remaining balance, but partial payments can reduce the amount of penalties and interest.

Step 3: Set Up a Payment Plan

If you need more time to pay your balance, the IRS offers payment options:

  • Short-term payment plan (up to 180 days)

  • Long-term installment agreement

These can often be set up online at IRS.gov.

Step 4: If You're Due a Refund, File Anyway

Good news: if you're owed a refund and didn’t file on time, you won’t face penalties. But you must file within three years to claim your refund — otherwise, the IRS keeps it.

Step 5: Don’t Ignore IRS Notices

If you receive a letter from the IRS, open it and take action. Ignoring the notice won’t make it go away, and most issues can be resolved more easily when addressed early.

Step 6: Get Help If You Need It

If you're overwhelmed, reach out to us at 630-519-4427 or at info@jswhitecpas.com. We can help you file your late return, navigate payment options, and communicate with the IRS on your behalf.

Bottom Line:
Missing the tax deadline isn’t the end of the world, but it is important to act quickly. Filing as soon as possible and working out a payment solution with the IRS can help you avoid additional penalties — and give you peace of mind.

Need help filing late taxes or setting up a payment plan? Contact us — we're here to help you through it.


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