Missed the tax deadline? It’s better late than never to file

SALT LAKE CITY — The Internal Revenue Service is encouraging any taxpayers who missed the tax filing deadline to submit their return and pay as soon as possible to avoid additional penalties and interest.

“Don’t panic,” said Jeanne Rohrer, IRS spokesperson. “For taxpayers who missed [the] deadline, they’re not alone. But they should still file in a timely fashion as soon as they can to avoid penalties and interest.”

Potential penalties for filing and paying late

There are different penalties and interest fees that can come from filing or paying taxes late.

“It depends on that particular taxpayer’s circumstances,” said Rohrer. “Whether it be failure to file or failure to pay, there are various penalties.”

When the IRS charges a penalty, it will send a notice or a letter to the taxpayer to tell them about the penalty, the reason for the charge and what they can do next.

Failure to pay taxes on time will generally incur a 5% interest on the unpaid taxes for each month the return is late, up to a maximum of 25%.

Penalties and interest start accumulating immediately after the tax deadline.

“[They start] right away … that’s why it’s best to act in a timely fashion so that you’re not charged more money,” she said.

What to do if you’re not ready to file

Any taxpayers who are not ready to file can request an extension.

“They can request for an extension now. That would give them until October 15,” Rohrer said.

However, these extensions do not include an extension to pay.

“An extension allows for additional time to file, but not additional time to pay,” she said. “Even if the taxpayer cannot afford to immediately pay the full amount of the taxes owed, they could still file a tax return and pay as much as possible.”

The IRS does provide options for taxpayers who need help paying their tax bill.

Those who don’t file could be missing out on money

There is no penalty for filing after the April 15 deadline if a refund is due.

“Every year, the IRS estimates that nearly 1 million taxpayers who failed to file prior year tax returns are potentially due refund money,” Rohrer said. “There are taxpayers out there that think they don’t earn enough to meet the filing requirement; they might still want to file because they could qualify for credits and deductions they didn’t know about and that would put money back in their pocket.”

Those who qualify for a refund and do not file will miss out on the money.

“There’s no penalty for filing after April 15 if a refund is coming your way, but you’re going to want the money. So it’s best to get on there and file that return and get that refund for yourself,” she said.

Refunds are expected to be issued within 21 days for those who filed through direct deposit.

Suggested ways to file taxes today

The best way to file taxes is electronically through the IRS website, according to IRS officials.

“File electronically and choose direct deposit,” suggested Rohrer. “It remains the fastest and safest and most accurate way to file. And if they have a refund coming as well, they can generally get that in less than 21 days.”

There are also free filing options through the IRS.

More information on filing taxes can be found here.

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