What to Do If You Have Missed The April Tax Deadline

If you have missed the April 2024 tax deadline, it’s important to take prompt action to minimize any penalties and interest charges. Here are the steps you should follow:

1. File as Soon as Possible

File Electronically: Use e-file to submit your tax return. Filing electronically is faster and more efficient than mailing a paper return.
Free File Programs: If you qualify, use IRS Free File to prepare and file your return for free.

2. Pay Any Amounts Due

Partial Payments: If you can’t pay the full amount, pay as much as you can to reduce penalties and interest.
Payment Options: The IRS offers several payment options, including direct debit, credit or debit card, and online payment agreements.

3. Request an Extension

Automatic Extension: If you missed the deadline but are still within six months of it, file Form 4868 for an automatic extension, which gives you until October 15, 2024, to file your return.
Remember: An extension to file is not an extension to pay. You still need to estimate and pay any taxes owed by the April deadline to avoid penalties and interest.

4. Understand the Penalties

Failure-to-File Penalty: Typically 5% of the unpaid taxes for each month or part of a month that your return is late, up to a maximum of 25%.
Failure-to-Pay Penalty: Generally 0.5% of your unpaid taxes for each month or part of a month after the due date, until the tax is paid in full, up to 25%.
Interest: Interest accrues on any unpaid taxes from the due date of the return until the date of payment.

5. Consider a Payment Plan

Installment Agreement: If you can’t pay your tax bill in full, apply for a monthly payment plan. You can apply online for a payment plan on the IRS website.
Offer in Compromise: In some cases, the IRS may accept less than the full amount you owe through an Offer in Compromise.

6. Seek Professional Help

Tax Professional: Consider hiring a tax professional to help you navigate the process, especially if you have complex tax issues or owe a significant amount of money.
Taxpayer Advocate Service: If you’re experiencing financial hardship or have unresolved tax issues, the Taxpayer Advocate Service may be able to assist you.

7. Review Your Withholding and Estimates

Adjust Withholding: If you frequently owe taxes or receive large refunds, you may need to adjust your withholding or make estimated tax payments to avoid future issues.
Estimated Payments: Make sure to pay your quarterly estimated taxes if you are self-employed or have significant income not subject to withholding.

8. Stay Informed

IRS Notifications: If the IRS sends you a notice or letter, respond promptly to avoid further penalties.
Keep Records: Maintain copies of your filed tax returns, payment receipts, and any correspondence with the IRS.

By following these steps, you can mitigate the impact of missing the April 2024 tax deadline and get back on track with your tax obligations.

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