If you missed the April 15th deadline for filing your personal income tax return(s), you are still responsible for filing the return(s). Many people are afraid to file their returns once they have missed the April 15th due date for the returns to be filed (not counting extensions) for fear that the IRS will hit them with stiff penalties and fines.
The IRS does not usually hit a taxpayer with late filing penalties or fines if the taxpayer is due a refund on their federal tax return. However, the IRS DOES hit taxpayers with fines and penalties if the taxpayer OWES money to the IRS with their tax return. The fines and penalties continue to accrue until the tax return is filed and the amount due is paid.
State laws vary from one state to another with regard to filings late tax returns, whether a refund is due or if taxes are due. However, this does not mean that taxpayers should not file their state tax return.
The best thing a taxpayer can do is to file their federal and state tax returns as soon as possible in order to minimize any penalties and fines that may be imposed due to the returns being filed late.
Fines and penalties may be abated if the taxpayer has a good reason why their return is filed late. The abatement is determined on a case-by-case basis.
If you have not filed your tax return yet, we are available to help you get your return(s) filed with the IRS and your state (if applicable). Don't hesitate to contact us if you need help preparing and filing your tax returns. Contact Ken Reid by email at mastertype@mabspc.com or by phone at 773-792-1910.
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