Tips for Taxpayers Who Missed the Tax Deadline

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The information in this article is up to date for tax year 2023 (returns filed in 2024).

Taxes were due on April 15th. Here’s what to do if you missed the tax filing deadline. 

File as soon as possible.

If you owe federal income tax and didn’t file for an extension, be sure to file and pay as soon as possible to minimize penalty and interest charges. Late penalties accrue monthly, so the faster you file (and pay), the lower your fees.

If you are due a refund, there is no penalty for filing a late return. The fastest and easiest way to do your taxes is with ezTaxReturn.

Read more: Last-Minute Tax Filing Tips

Pay any penalties or interest due.

Tax owed and not paid by April 15, 2024, is subject to penalties and interest, so it’s important to file as soon as possible to limit the amount of interest accrued on your tax bill.

The IRS may charge both penalties for late filing and for late payment. 

Failure to file penalty: The failure to file penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late—up to 25% of your unpaid taxes. 

Failure to pay penalty: The failure to pay penalty is 0.5% of the unpaid taxes for each month or part of a month the tax remains unpaid—up to 25% of your unpaid taxes.

Note: If you are charged for both a failure to pay and a failure to file penalty in the same month, the failure to file penalty will be reduced by the amount of the failure to pay penalty applied in that month. 

If you filed your tax return on time and you have an approved payment plan, the failure to pay penalty is reduced to 0.25% per month (or partial month) during your approved payment plan.

The law generally does not allow a waiver of interest charges. However, the IRS will consider a reduction of these penalties if you can show a reasonable cause for being late.

Read more: What Happens if You Have Unpaid Taxes?

E-file for a faster return.

More than 213.3 million returns and other forms were filed electronically in 2023—including 90% of individual returns. And it’s no wonder why. E-file is the easiest, safest, and most accurate way to file your taxes. With e-file, you will receive confirmation that the IRS has received your tax return. If you e-file and are due a refund, the IRS will normally issue it within 21 days.

IRS e-file programs like ezTaxReturn.com are available through Oct. 15^th. 

File to get your refund.

Even if you are not required to file, you may be entitled to a refund. This could apply if you had taxes withheld from your wages, or you qualify for certain refundable tax credits, such as the Earned Income Tax Credit or Child Tax Credit. 

If you’re due a refund, file as soon as possible to get it. If you don’t file your return within three years, you could forfeit your right to the refund.

File your taxes fast and ez in as little as 30 minutes.

The articles and content published on this blog are provided for informational purposes only. The information presented is not intended to be, and should not be taken as, legal, financial, or professional advice. Readers are advised to seek appropriate professional guidance and conduct their own due diligence before making any decisions based on the information provided.