Tax season is here, and that means one of the most common questions about taxes is making the rounds again: What to do if you can’t file or pay your taxes on time? In this post, we tell you everything you need to know.
Avoiding Penalties and Interests
In an ideal world, everyone would file and pay their taxes by the due date.
However, we don’t live in an ideal world. What happens when for some reason you can’t file on time? And what if you can’t pay all the taxes you owe?
These are real-life situations taxpayers face every year. Luckily, in all these cases, there are things you can do to to limit or even avoid penalties.
What to Do if You Can’t Pay Your Taxes in Full
If you can’t pay all the taxes you owe right now, you can file your return on time and pay as much as you can by the due date.
By doing this, you will avoid the failure-to-file penalty and reduce the interest on the unpaid balance.
According to the IRS, some payers may qualify for an online payment plan that allows them to pay off their unpaid balance over time. Contact the experts at Delgado’s Insurance if you are interested in learning more.
What to Do if You Can’t File Your Return On Time
Whether you forgot about the deadline or something else got in the way, there are many situations where you just can’t file your taxes on time.
When you can’t file by the due date, you can request an extension to file. This will give you extra time to complete your return, and it may reduce, or even eliminate the late-filing penalty.
What you have to keep in mind is that an extension to file is NOT an extension to pay. This means that even if you get an extension, you still have to estimate and pay your taxes by the due date.
JT Tax Services: We Make Tax Filing Easy
At JT Taxes, our mission is to take the stress of tax filing off your hands. We maximize your refund and help you stay compliant with all applicable rules and laws.
We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our service