Didn't Meet the April 15th Tax Deadline? Here’s Your Next Steps
April 15th, the official tax day, has passed, and if you’re among those who missed filing their tax return—don’t panic! Here’s a simple guide to mitigate potential penalties and ensure your finances remain on track.
Immediate Action Required: If you didn’t file an extension, prioritize submitting your tax return immediately. The IRS imposes a "failure to file" penalty that starts at 4.5% for late filing plus an additional 0.5% for late payments, increasing monthly up to a 25% maximum. Filing quickly can significantly reduce these penalties.
Extension Filers Without Payment: For those who filed an extension but haven’t paid their estimated taxes, it’s crucial to calculate and pay your tax liability without delay. This action helps avoid accumulating late penalties, which are 0.5% per month.
Filed and Covered: If you filed your extension and made a payment (or don’t expect to owe anything), you have until October 15 to submit your final return. Use this time wisely to ensure accuracy and completeness of your documentation.
For personalized guidance and to ensure your tax filing is as painless and penalty-free as possible, contact Verity CPAs at info@verity.cpa or 808.546.5026.