Tax Season Deadline 2024: It is essential to meet tax deadlines in order to comply with IRS requirements and prevent penalties. April 15 is usually the deadline for individuals filing taxes for the calendar year; businesses filing for the fiscal year have various deadlines.
But in order to ensure timely compliance, it’s crucial to comprehend additional important tax deadlines in addition to the main filing due.
If you failed to file your taxes by the deadline, you must act quickly. While it is acceptable to file a late return if you are entitled to a refund, doing so as soon as possible can help to speed up the refund procedure.
Individuals who are struggling financially, however, might look into other payment options, such as installment agreements with the IRS. It’s critical to take care of tax duties as soon as possible to avoid penalties and interest.
The significance of meeting tax deadlines is highlighted by being aware of the repercussions of late filing and payment. Whether you’re expecting a refund or have tax obligations, taking prompt action will guarantee compliance and reduce your financial risk.
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It’s also critical to remember that the penalties for filing or paying after the deadline differ based on your specific tax circumstances. The only effect of filing late if you’re expecting a refund is that it will take longer than normal for you to get it. On the other hand, the penalties may be more severe if you owe taxes.
You will be assessed a five percent “failure to file” penalty on the total amount owed for each month that your filing is late. A “failure to pay” penalty, which is equivalent to 0.5 percent of the outstanding balance each month and up to 25% of the entire amount owed, may also apply.
How long do I have to pay taxes after April 15th?
It’s time to take action if you failed to file your tax return or an extension by the deadline. File your return as soon as possible because there won’t be any penalties if you’re due a refund.
If you owe taxes, paying as much as you can and submitting as soon as possible will help lower fines and interest. IRS Free File is still available on IRS.gov until October 15, if you meet the requirements.