If you historically have filed on time, you might qualify for the First Time Abatement program, which will help you avoid any fees. (The amount is cut considerably if you work out a payment agreement with the IRS.) I can’t pay my taxes now, but I’ve always done so in the past. Late payment penalties are generally 0.5% of the unpaid tax per month, though that can build to as much as 25%. Otherwise, the penalty can be as much as 5% of the unpaid tax each month up to a maximum of 25%. If you file your return more than 60 days late, you’re likely looking at a minimum penalty of $210 (unless you owe less than that-in which case the penalty is 100% of the unpaid tax). You may have forgotten to give your accountant the 1099. There are two kinds of fees and penalties that could be assessed on top of any taxes you might owe-one for filing late and another for paying late. If the IRS notifies you that your tax return contains an error, first figure out who made the mistake. And you’ll have to pay any owed taxes on that estimate by the regular deadline, April 18. You will need to estimate your tax liability, even if you haven’t calculated it. What do you mean I have to pay my taxes now? People impacted by natural disasters in California, Alabama, and Georgia were given a new filing deadline of Oct. That follows earlier announcements that storm-affected people in Mississippi will also have until July 31 to file and that New Yorkers who got slammed with severe winter storms have been given until May 15 to file their returns. The Internal Revenue Service announced earlier this month that storm victims in Arkansas will have until July 31 to file their returns (for both individuals and businesses). Who can file for a tax extension?Īnyone can file an extension, but some people, in areas that have been hit by severe storms, don’t need to. You can also file via mail using Form 4868 or via your tax professional. (Tax software from TurboTax, e-File and H&R Block can also file the request.) The quickest way is via Free File, where you can electronically request one, which will extend your filing date until Oct. Here’s a look at the ins and out, as well as how to file an extension. The IRS will then issue your refund as a paper check. If the institution can get the funds, it will return the refund to the IRS. In the case that the IRS already sent the payment, you will need to contact the financial institution. Unfortunately, it’s just for the paperwork. Call the IRS toll-free at (800) 829-1040, any weekday between 7 a.m. Fortunately, the IRS is happy to offer you an extension.
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