The Internal Revenue Service (IRS) announced that the tax year 2018 extended tax deadline was 15th October, 2018. With the announcement of the extended tax due date for the year 2018. Most of the taxpayers in the United States got in hurry to make the tax deadline for their compliance in USA. if you are among those misfortunate taxpayers or tax professionals, who missed the extended tax deadline in USA i.e. 15th October, 2018, then you do not need to worry as Black Ink, the best accounting & taxation firm in USA, provides guidance if you are wondering what to do if you missed the extended tax deadline in the United States. Not only this, we provide complete support to get maximum tax refunds in United States to our individual as well as business clients. Read the complete post if you are still in confusion that “what should I do if I missed the extended tax deadline in USA?” as we are providing the answers to the most searched questions about missing extended tax deadline.
1. Should I Still File Taxes If I Missed The Tax Deadline?
If you have missed the tax closing date in United States that was of 15th October, 2018, and you are wondering that whether you should file your tax or not, then the answer is that you should still file your taxes to the IRS as soon as it is possible. Furthermore, if your federal taxes had been taken out or you are entitled for a refundable tax credit (e.g. Earned Income Tax Credit), you should still file your taxes even if your income was previously under the filing requirement of the Internal Revenue Service (IRS) agency i.e. $12,000 for single while $24,000 for married filing jointly for the year 2018. You can book an appointment with us to ask for any help regarding missing the tax filing deadline in the United States.
2. Will The IRS Charge Fines or Penalties For Not Filing Taxes By 15th October?
The Internal Revenue Service (IRS) does not charge for any penalty or fine for the late filing of taxes in USA after the extended tax deadline of 15th October, 2018. You will not be eligible for penalty for late filing if you a tax refund coming. On the basis of your amounts due in filing, the penalties by the IRS are calculated generally. Get the best business advisory services in USA to never miss important deadlines by the IRS.
3. How Should I File My Taxes After Deadline?
The Internal Revenue Service has closed the e-filing of taxes in the United States after the tax filing deadline. However, you can still file and pay your taxes to the U.S. government by mailing as well as printing your tax returns. If you want to get best tax filing service in NY, USA, we are here to help you in each and every regard.
4. Will I Be Charged For Penalties & Interest If I Owe Money To IRS?
On late tax returns, three individual types of penalties will be charged on the balances due that include failure-to-file penalty, failure-to-pay penalty and interest. The steepest among these three is no doubt the failure-to-file penalty. The reason is that for each month the tax return is not filed, the failure-to-file penalty starts out at 5% and it can reach to a maximum penalty of 25% of your balance due. In addition, you will be required to pay the maximum penalty of 5% failure-to-file penalty for both of the failure-to-file and failure-to-pay penalty if in case the 0.5% failure-to-pay penalty and the 5% failure-to-file penalty apply in the same month. Furthermore, the taxpayer is also required to file for the elimination of penalty even if he/she owes money and cannot pay it to the IRS. You need to plan your taxes in the United States so that you do not get caught in such severe penalties by the IRS.
5. Do I Still Have To Pay Penalties If I Have a Genuine Hardship?
You may not have to pay for the subjected penalties if you are able to show a reasonable cause to the Internal Revenue Service for not filing your taxes in USA on time. The example of such hardship includes a natural disaster. If you are victim of a federally declared natural disaster in the United States, then you may be given certain relief support by the IRS. The relief can be in any form, i.e. extension to file or pay your taxes in USA. We provide best financial planning services throughout USA that can help you to save and protect your assets from such hardships and mishaps.
We hope that you might be relaxed now by getting the answers to the most common FAQs regarding missing the tax filing deadline in New York, New Jersey or throughout the United States. If you need any further assistance regarding tax filing after deadline, you can request callback with our representative within 24 hours. Pay your taxes today so that you remain safe from the IRS chains that can severely damage your assets and reputation. We also provide complete IRS representation services throughout USA to assist our clients safely in the entire journey. Leave us with your valuable feedback in the comments section. We welcome your participation!