Those of you who filed a tax extension know that Oct 15th is coming up soon. We call this the date you need to have everything in order. This year, October 15 falls on a weekend, so the date has been moved to October 17th, 2022. However, you probably still need help. Here is everything you need to know about the Oct 15 tax deadline.
You Don’t Want Any Tax Penalties
Be aware of the difference between the late filing penalty and the late payment tax penalty. The late filing penalty happens when you owe taxes and do not file an extension or return by the April deadline. It is also usually higher than the late tax payment penalty. Those who can not pay their taxes on time should at least file a tax return or even a tax extension by Tax Day to show the IRS you are not ignoring them. Late payment penalties will come either way, but at least you won’t have to deal with late filing penalties in addition to these fees.
You may find a late tax payment calculator by clicking here: https://www.efile.com/late-tax-filing-penalty-calculator/
2021 Tax Deadline Exceptions
You will not be subject to a late filing penalty if you don’t owe taxes for the Oct 15 tax deadline in 2021, even if you filed your tax return late. You should file your return immediately to get your refund if you expect one. After October 17, 2022, you will no longer be allowed to eFile 2021 tax returns. Remember that after April 15, 2025, you will no longer be able to claim your 2021 tax refund. This is because your refund is only available to be collected for three years after its due date. Be sure you are not part of the thousands of tax payers who forget to collect their refunds and have them given back to the IRS.
What If I Miss the Oct 15th or Other Tax Deadline?
You must act fast if you miss the October or other deadline – no matter if you are filing taxes as a business or individual. We recommend you file any and all back taxes for any missed year or other previous years on paper forms. Our team also recommends you pay as much in penalties, fees, etc. as possible. This is in order to reduce any late fees or interest payments the IRS may want due. Speak with your bookkeeper or accountant to learn more.
Tax Services in Houston for the Oct 15 Tax Deadline
Finally, feel free to contact us if you are under the gun for this or any other tax deadline and need expert tax services to help protect you file correctly, minimize your liability, and maximize your credits and deductions.