Missed a Tax Deadline?
Missing a tax deadline is not a huge deal. That being said, this is not something you should take lightly. In other words, just because you can get away with missing a deadline does not mean that you should take your good old time. It is very important to get your paperwork to the IRS on time. If this does not happen for one reason or the next, make sure you take the proper steps.
First things first, if you miss a deadline you need to speed up and get your return to the IRS as quickly as possible. In other words, you don’t want to delay the process any longer. Things come up, and the IRS understands. That being said, you should not abuse the power of having the ability to miss a tax deadline.
Of course, just because you can miss a deadline does not mean that the IRS will let you go without a slap on the wrist. There are late filing penalties that you must be aware of. If you have a balanced owed on your return, the IRS will charge you both penalties and interest. As you can see, it is not a good idea to be late with your return because it could end up costing you in the long run. What type of penalty will you face? At this time, the penalty is five percent for each late month, a half percent for a late payment, and five percent interest per year. The longer you delay the more you will pay.
Missing a tax deadline may not be the end of the world, but you do need to know that this can cause issues in the future including penalties and interest.
