What Happens If You Miss Your Tax Deadline?

1
What Happens If You Miss Your Tax Deadline?
2

• There can be multiple reasons for an individual
  or business owner not filing their taxes on time,
  and the following information seeks to show what
  might happen if you miss the deadline,
  irrespective of why you may have done so.
  However, the penalties that can occur when
  individuals miss their tax deadline, vary
  depending upon whether the taxes havent been
  filed, or theyve been filed but not paid on
  time.
• Not filing your taxes
• This will get you a failure-to-file penalty, the
  cost of which is calculated at 5 of your unpaid
  taxes for every month that your tax return is
  late, and can reach up

3

• to 25 Filing your taxes more than 60 days past
  the deadline will see you getting hit with a
  further fine of 135 at the minimum, or 100 of
  the taxes that you owe, depending upon which is
  lowest.
• Filing your taxes but not paying them
• The IRS will slap you with a failure-to-pay
  penalty, which is usually 0.5 of your unpaid
  taxes for every month in which you fail to pay,
  which can be up to 25. Your unpaid taxes will
  also be subject to interest, the rate if which is
  equal to the federal short-term rate, plus 3

4

• To summarize, even if you are behind on your
  taxes only by a month or two, the penalties can
  quickly build up, particularly when you take fees
  and interest into account.
• Missing your tax deadline may also see you
  missing out on a potential refund, too, and the
  IRS have stated that they have almost 1 billion
  in refunds that havent been claimed. Each refund
  is said to average around 700, which is a lot of
  money in most peoples eyes.
• If youre unable to pay your taxes for any
  reason, you should still be sure to file them, as
  the penalty incurred for failing to file at all,
  is up to 10 times more than what you would be
  fined if you dont pay your taxes.

5

• There are options available for those who are
  struggling to pay their taxes, one of which is a
  payment plan devised by the IRS to help you
  manage and resolve your debt.
• Continue to ignore your taxes, either by not
  filing or not paying them in a timely manner, and
  the IRS may
• Have the capacity to claim your property by
  filing a notice of a federal tax lien
• Claim or seize your property
• Force you to forfeit your refund

6

• File charges against you for evading taxes
• Revoke your passport
• Whether you agree with having to pay your taxes
  or not, the reality is that you cannot escape
  paying them and if you do, then you certainly
  wont escape the penalties, which can be costly
  and wholly unnecessary. For more detailed help
  and guidance on how and when you should file your
  taxes, seek professional help and ensure that you
  never miss a deadline, never incur a penalty, and
  always stay on the right side of state and
  federal laws.

7

• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax service Coral Gables.
  If you are looking for individual tax preparation
  in Miami, Heyer Associates would be a right
  option.