What To Do When You Missed the Extended Tax Deadline
The last tax extension filing deadline for the tax year 2020 was October 15th, and although some of you may have rushed to meet the deadline, others may have missed it and are unsure what to do. If you missed the deadline for submitting a tax extension, review these 5 key questions and answers to help you figure out what to do next.
Do I Still File?
Yes, you should submit your taxes as quickly as possible. Even if your income was below the IRS filing threshold of $12,400 for single filers and $24,800 for married filers in 2020, you should still file your taxes if you had federal taxes deducted or if you are eligible for a refundable tax credit like the Earned Income Tax Credit, as you may be due a refund.
Will I Be Charged Penalty Fees By The IRS?
There is no penalty for filing late if you are expecting a tax refund. Penalties are determined by the amount owed. You will be charged late filing fees if you submit after the October 15 extended tax deadline and owe money.
I Can't Pay Off My Back Taxes
If at some point in time, you have found yourself stuck in the predicament in which the IRS claims that you owe them back taxes, it can be bad news for you. Avoiding the IRS completely might lead to costly consequences. The first step in relieving a tax debt that is too high is seeking federal relief programs. Fortunately for many Americans, there's a relief program that consolidates many major relief programs into a one-size-fits-all assistance program; The IRS Fresh Start Program.
Our clients are referred to our Fresh Start Program in order to avoid bankruptcy, acquire debt relief, and settle their debts in a quick manner. Let us give you a helping hand today!
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