April 15 has come and gone. If you are among those procrastinators that didn’t file, it doesn’t excuse your tax obligation.Every American taxpayer is eligible for an automatic extension, only if they ask. Asking allows you to extend the deadline, but doesn’t excuse you from any taxes owed. IRS charges a combined penalty of 5% for each month that your return is late — 4.5% for late filing, and 0.5% for late payment.
Here are some tips for taxpayers who missed the tax filing deadline:
Although the push for tax season is officially over, if you didn’t file a tax return or an extension but should have, you need to take action now.After all, your bill isn’t going to go away, and delaying payment will simply result in interest charges or other penalties.
Planning for next season begins now.We work with our clients monthly to help them stay on track with tax obligations and/or adjustments. When 2015 tax reporting season rolls around, our clients already know if they’ll be due a refund or need to make a payment. To learn more about how Paxton Bookkeeping and Tax Services can help take the worry out of your next tax season, contact our office at 724-359-5022.