Site icon Food Contessa

Have You Missed the Tax Filing Deadline? The Irs Recommends Filing as Soon as Possible to Avoid Penalties and Interest!

Avoid Penalties and Interest

To avoid potential fines, the Internal Revenue Service recommends that individuals who missed the original deadline of April 18 to submit their taxes do so as soon as possible after the original deadline.

According to the IRS, while taxpayers who are due a refund will not be punished for submitting late, those who owe money and missed the deadline without asking for an extension should file as soon as possible to avoid incurring additional penalties and interest.

Families who do not owe taxes can still submit their taxes and claim the Child Tax Credit for 2021 at any time between now and April 15, 2025, according to the IRS, without incurring any penalties.

Certain taxpayers are automatically eligible for an extension of time to file and pay their taxes without incurring penalties or interest.

Some of these are as follows:

Military troops who have served or are currently serving in a conflict zone are considered combat veterans.

Soldiers and civilians who provide assistance in battle zones or during a contingency operation in support of the Armed Forces

Taxpayers who do not reside in the United States

Some of the tragic survivors

The Internal Revenue Service (IRS) advises taxpayers to complete their returns and pay any taxes they owe as soon as possible in order to avoid penalties and interest, noting that “an extension to file is not an extension to pay.”

An extension provides an additional six months to file, with a new deadline of October 17 as the result of the extension.

According to the Internal Revenue Service, penalties and interest are assessed on taxes outstanding after April 18, and interest is imposed until the sum is paid in full.

Read More:

The Internal Revenue Service also advises people to file a tax return even if they are unable to pay their taxes in full right away in order to avoid late filing penalties.

Visit the Internal Revenue Service website for further information on submitting your taxes.

Exit mobile version