Didn t File Anything with the IRS on April 15th
Below is a MRR and PLR article in category Finance -> subcategory Taxes.
Didn't File Anything with the IRS on April 15th?
April 15th has come and gone. If you missed filing your tax return or requesting an extension, here’s what you need to know.
Why Filing Matters
The IRS strongly prefers that you file a return or an extension, even if you can't pay the full amount. Doing nothing can attract more scrutiny than you’d like. The IRS is often willing to set up a payment plan, which is far better than ignoring the issue.
The Consequences of Not Paying
It's important to pay your taxes if possible, as failing to do so can result in steep penalties and interest charges. These can climb to 25% of your tax bill if the IRS suspects any funny business. That's a significant extra cost you'll want to avoid.
Expecting a Refund?
If you're expecting a refund but haven't filed yet, don't worry about penalties and interest?"you won't incur any since the IRS owes you money. But, why let the government hold onto your cash interest-free? You could use that money for something important in your daily life. So, get your return filed to reclaim your funds. Remember, if you don’t claim your refund within three years from the original filing date, you’ll lose it.
Can't Pay Right Now?
If you owe taxes but can’t pay immediately, consider this: the IRS does accept credit cards. While the interest rates may be high, credit card companies aren't going to audit you. Still, using a credit card should be a last resort.
Keep the IRS on Your Side
The IRS recognizes that some taxpayers might struggle to pay their full tax bill. The key is to file your return, even if you’re unable to pay in full, to avoid additional issues.
Filing your taxes, even without full payment, can prevent unwanted problems with the IRS. It’s always better to communicate with them than to remain silent.
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