Now what?
Well, first thing, file as soon as possible. There are ramifications in the form of fines and penalties for filing late. Those delayed filing penalties will add up quickly. 5 percent of the tax owed is added for each month the total tax is not paid in full. If you are more than 60 days late it is the lesser of $435 or 100% of the tax owed.

There is also a penalty called “failure to pay” which is ½ of 1% of the amount owed per month, the tax amount that is due.

Don’t just give up, still complete your tax return and pay the amount due as soon as possible. And you still can file an “extension to file” that will provide the taxpayer with a new filing deadline of October 17th. But you still need to pay the full amount of tax due.

If you believe you don’t owe any taxes because you didn’t make enough income, still file. You may be due a refund and there is no penalty for filing after April 18th if you are due a refund.

Now for some good news.

If you have been consistent in filing your returns and paying taxes on time for the past three years, according to the IRS, you may qualify for penalty relief. You will need to arrange a payment schedule and meet other requirements. But it it is worth looking into rather than ignoring it all together because you are late.

As you have read here before, members of the Military who served or are serving in combat zones may qualify for an additional 180 day extension to file and pay taxes. Also support personnel of the Armed forces in combat zones or a contingency operation. There are other individuals who reside outside of the US and some dissipated victims may qualify for more time to file.

Please check the IRS website here to see if that means you.
If you need assistance figuring this out, set up an appointment with the Impeccable Company
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