April 17thmarked the deadline to file your 2017 tax returns but due to the technical issues the IRS experienced with their filing system, they gave taxpayers an additional day to file. However, since that day has passed, many might be wondering what penalties they are going to be faced with and what they should do now that they missed the filing deadline. If you are one of these people, read on as we are sharing some important information below that might be useful to you.
- If you already filed your return but have another to submit, you likely won’t incur a penalty if a refund is due. The IRS stated that penalties and interest will only accrue on unfiled returns if taxes were not paid by April 18th.
- If you haven’t yet filed, the IRS suggests you do so as soon as possible and pay as much as you can to help reduce the penalties and interest.
- If you owe money to the IRS, it is important that you pay as soon as possible as the failure-to-file penalty increases by five percent each month you don’t pay. That means five percent is tacked on to what you owe for each month you let pass.
- The IRS Free File is still available to those that qualify to use it and will continue to be available up until October 15th, 2018.
- If you file a return that is more than 60 days after the April 18thdue date, you will incur a minimum penalty of either $210.00 or 100% of the unpaid tax, whichever is less. Basically, if your tax due is $210.00 or less, the penalty will be equal to the tax amount due. If the tax due happens to be more than $210.00, the penalty will be at least$210.00.
- If you have a history of filing and paying on time and haven’t been assessed penalties for the past three years, you more than likely will qualify for penalty relief. You will need to attach an explanation to your return as to why you are submitting it late in order for the IRS to consider you for this. There may be some other requirements you must meet so you are encouraged to read the first-time penalty abatement before requesting penalty relief from the IRS.
Now, let’s say you did file your 2017 tax return on time this year but you found an error that is in need of being fixed. In some cases, you may be required to submit an amended return, however, if it was a simple math error or you forgot to attach a document, the IRS says they will generally correct this and notify you of the change by mail. However, the Interactive Tax Assistant is available to help you determine if you do, in fact, need to file an amended return.
If you are having difficulty paying back what you owe the IRS in taxes or can’t afford the fines and fees that have accrued from not paying, contact a Louisville, KY tax lawyer as soon as possible.
While some individuals are only a few weeks behind, others might be dealing with much more serious circumstances. For instance, if you failed to file your past tax returns for more than one or two years or haven’t paid the tax due but want to dispute it, you might want to contact a Louisville, KY tax attorney. You see, when you an issue arises involving the IRS, things can become rather complicated and it is important you have a professional working with you so that you don’t accrue more interest and aren’t hit with more penalties.
So, if you have a tax-related question, need legal advice regarding a tax issue, or simply are struggling to pay back the IRS what you owe in taxes, USAttorneys.com will gladly help you locate a tax lawyer in the Louisville, KY area now who will be more than willing to help you.