Can You File Taxes After The April 18 2023, Tax Deadline?
If you don’t meet April 18, 2022, the deadline for preparing and e-Filing a 2021 Tax Return, or if you e-File an extension by that date.
You may e-File your 2021 taxes until October 15, 2022.
So It’s time to file your taxes, so don’t put it off any longer. This is especially true if you’re eligible for a Premium Tax Credit to offset the insurance cost.
It’s preferable to file an income tax return as soon as possible since failure to do so may jeopardize your tax credit.
What happens If you miss the deadline for filling out your Taxes
A significant difference exists between an IRS late filing and a tax payment penalty.
A late filing penalty, generally more significant than a tax payment penalty, occurs if you owe taxes but do not submit your return or extension on time (for example, by April 18, 2022).
Even if you cannot pay your tax bills on time, we strongly advise you to submit a federal or state tax return or extension by tax day or the tax deadline.
You may be fined if you do not pay your required taxes on time.
Note: File your return as soon as possible because you owe taxes, even if you can’t pay right now – and file it by the deadline to avoid late filing fines and pay it to avoid late payment penalties, but why?
Because late filing penalties are higher than late paying fines, it would reduce your delayed filing fees, Even if you don’t have the complete minimum required taxes.
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How are these penalties calculated
If you don’t pay your taxes, the IRS might fine you and add to the amount owed. The penalty is $50 per incident until 2022, with a possible maximum increase of 25% of unpaid tax if this isn’t paid off within two years.
Note: If you don’t file your tax return on time, the 5% per month penalty will rise to 15% each month if it’s due to fraud.
The minimum penalty for returns submitted more than 60 days after the due date or extended due date is $210 (or 100% of the unpaid taxes).
If you don’t pay your back taxes or current taxes, you could be charged hefty penalties and accruals over time if you don’t.
The IRS assesses a penalty of up to 25% of the back taxes you owe for each month or part month of that payment is late.
The failure to pay the penalty is calculated at 0.5 per cent of your outstanding balance each month (up to 25% of the amount owing).
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What Taxpayers Should Expect on October 15, 2022
The table below summarizes the various October 15 deadlines to give taxpayers a better idea of what to anticipate if they miss the Tax Day deadline.
We made it to provide taxpayers some time to gather their tax forms, arrange their payments, and assess and pay any fines that may have accrued:
| Deadlines | Return Type | |
| October 15, 2022 | 2021 IRS Income Tax Return | If you e-Filed an extension before April 18, 2022, or did not file a 2021 Tax Return by then and anticipate owing money, e-File your 2021 Tax Return by October 15, 2022, to avoid new or increased late filing penalties. |
| October 15, 2022 | 2021 IRS Income Tax Return | If you e-filed your IRS and state tax return by April 18, 2022, you can combine them into one electronic filing until October 15, 2022. |
| October 15, 2022 | Prepare one or more state tax returns | File taxes directly with your state from the IRS. |
| October 15, 2022 | Calculate, Estimate First | |
| October 15, 2022 | Your Tax Refund Estimate Date | Estimate the date the IRS will pay your federal refund after you e-Filed or filed an accepted tax return. |
| Ongoing | Back taxes, previous tax years. | If you missed the October 15, 2022, deadline to prepare and file your prior year’s tax return, you may submit your tax forms and return to the IRS or with an expert. |
| Tax Refund Date April 15, 2025 | Unclaimed Tax Refunds | If you expect a tax refund for one or more prior tax years but have not filed an IRS or state income tax return, you will most likely not be subject to late filing fees or penalties. |
| October 15, 2022 | 2021 IRS Tax Amendment | |
| 2021-2022 Deadlines | The tax Year 2021 Due in 2022 |
What should you do if you can’t afford to pay for it?
Understanding your alternatives can assist you in determining what to do if you owe the IRS.
You’ll be better prepared if you make a plan. Here are some of the most frequent choices for individuals who owe but cannot pay their debts.
1) Create an IRS-approved instalment agreement
Paying taxes through IRS payment plans or instalment agreements is possible.
Getting out of debt as soon as possible is critical to keep your IRS standing strong.
Note: You shouldn’t set up an instalment agreement if you can pay off the outstanding balance within 120 days.
Fees: The application fee for internet payment agreements is $149, or $31 if payments are made electronically. The charge is $43 for low-income taxpayers. To apply for a reduced-fee Form 13844.
How to do it
Fill out an online payment agreement or Form 9465. For instalment agreements of $50,000 or less, you won’t need to submit a financial statement.
You may also get advice from Alan Chen, CEO of Free cash flow, through a free consultation call.
Advantages and disadvantages
If you enter into an instalment contract, the penalty on your outstanding balance is reduced to 0.25 per cent per month until you pay the complete amount on time.
Remember that 3% interest is added to the short-term federal rate (interest may vary each quarter). If you don’t pay on time, the IRS can invalidate contracts.
Forms
If the balance is over $50,000, you must complete Form 433-A or Form 433-F. You can make payments through payroll deductions (Form 2159, Payroll Deduction Agreement).
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2) Request an extension to pay the whole amount of your debt
According to the IRS, taxpayers are given up to 120 days to spend their entire tax balance.
Fees: There is no cost to ask for an extension. But remember, there’s a 0.5% monthly penalty on the unpaid balance.
How to do it
Make an online payments agreement and call the IRS at (800) 829-1040
Advantages or disadvantages
IF YOUR TAX RETURN IS SUBMITTED ELECTRONICALLY, the IRS may accept payments up to 120 days after the due date.
This choice is helpful for people who need only a short time to pay their entire tax obligation.
The IRS will charge interest at a rate of 3% over the federal short-term lending rate (interest might vary quarter by quarter).
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3) Request a hardship extension
The IRS has several options for those in difficulty, including currently not collectable status and the offer in compromise.
You’ll only qualify for an extension on account of hardship if you can show that paying your tax obligation would be particularly difficult because of IRS financial criteria.
Fees: There is no fee to apply for a hardship extension. No penalties exist, but interest is calculated at the short-term federal rate plus 3 per cent.
How to do it
On IRS Form 1127, you must state your assets and liabilities in a request for an extension of time to pay taxes due to unexpected hardship.
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4) Get a personal loan
If you don’t have a credit card or an established relationship with a lender, you might ask someone close to you for money – perhaps a friend or family member.
Because the costs and fees incurred will vary significantly depending on the source, it’s crucial to compare rates.
5) Use a debit/credit card
This is a popular choice for many individuals since several service providers are available.
Fees: The cost of a credit card payment will vary by state; it is generally around $2.49 to $3.95 (debit card) or 1.87% to 2.35% of the tax balance due (credit card).
How to do it
Contact the IRS to get a list of service providers.
Advantages or disadvantages
This form of payment is helpful since it allows taxpayers greater control and flexibility in making payments.
They may also get points, miles, or other credit card rewards. Higher credit card debt, on the other hand, may harm your credit score, and paying with credit might not be advised for individuals dealing with unmanageable debt.
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What Should You Do if you are Overwhelmed? (Which is not your fault)
As your company grows more prominent, your issues become increasingly complicated.
When you reach this stage, you must hand over control to the specialists so they can assist you in growing your online business while keeping your focus on your business growth only.
Here at Free cash flow help online businesses (like yours) boost their revenue and do what other firms miss.
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FAQ
What happens if I miss tax deadline?
If you do not submit your tax return on time, you will be assessed a 5% penalty for each month that it is late, up to a maximum of 25%.
The IRS charges 5% per month if you don’t pay your taxes; the amount can range from 5 to 25 percent of the tax due.
Is it legal to not file taxes if you don’t owe any money?
For most individuals, the IRS has basic filing requirements. Most people file a return even if they don’t owe any taxes if their gross income is more than the standard deductions for the year.
The normal deduction is one of the primary automatic deductions.
Is it possible to submit my 2019 taxes electronically in 2021?
Yes, you may electronically submit an original Form 1040 series tax return using any filing status.
Because it is sent digitally to IRS computer systems, e-filing your return is faster, safer, and more accurate than submitting a paper tax return.
What happens if you don’t submit your taxes and don’t owe any money?
The IRS may impose a penalty of 0.5% per month on the outstanding balance if you do not pay your taxes by the due date. The IRS may charge interest on any unpaid amount, in addition to the failure-to-pay penalty.
How far back can the IRS look?
The IRS can generally audit returns filed within the previous three years. If they discover a large error, we may extend the time period examined.
Typically, we do not go back beyond the previous six years. The IRS strives to investigate tax filings as soon as feasible after they are submitted.
Will I be sent to jail if I don’t submit my taxes?
Penalties for attempting to avoid an IRS assessment can include a sentence of five years in prison. You may be sentenced to one year in jail for each year you don’t file a return after three years from the tax due date.
