With Tax Day 2022 already in the books, it make sense to ask, What if you couldn’t find your taxes by April 18? In today’s posts, we give you the answers you need.
What To Do If You Couldn’t File Your Taxes by April 18
If you owe taxes and couldn’t file your return on time, the answer is pretty straightforward: file as soon as possible and pay as much as you can to limit penalties and interests.
Some people didn’t file a return because they didn’t earn enough money to be required to do so. Even in that case there are good reasons to file, because this may allow them to receive a refund.
There are some tax credits that allow you to receive money beyond what you owe. Some examples include:
- Earned Income Child Credit
- Child and Dependent Care Credit
- Child Tax Credit
- 2021 Recovery Rebate Credit
Feel free to contact the tax experts at JT Taxes to learn more about these credits and discover how to claim them.
Remember: there’s no penalty for filing a refund after April 18 2022 if you are owed a refund.
What To Do if You Can’t Pay Your Taxes
If you can’t pay your taxes in full, don’t worry — you have options.
Some taxpayers qualify for an online payment plan, which can be short-term (120 days or less) or long-term (more than 120 days), depending on how much you owe.
Another alternative is an Offer in Compromise, an agreement between you and the IRS that allows you to pay an agreed-upon reduced amount of tax.
The bottom line is that there are tools you can use when you can’t file or pay your taxes on time.
The trick is to be proactive and to work with dependable, knowledgeable tax professionals who are committed to helping you make sense of the tax system.
File Your Taxes With JT Tax Services
At JT Taxes, we have made it our mission to take the stress of tax filing off your hands so you can focus on what matters most to you.
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 (email@example.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 wide array of tax services.