If you miss the April 15th deadline for filing your taxes, the consequences vary depending on if you owe money or expect a refund. No matter your situation, Paramount Tax Relief is here to tell you what steps you should take next!
If You’re Receiving a Refund
Taxpayers who are getting a refund don’t need to panic. Luckily, there’s no penalty if you don’t file by April 15th. You have three years from the original deadline to file and still receive your refund. If you don’t file by then, however, the U.S. Treasury will keep your money.
Don’t delay your tax refund any longer, let the professionals at Paramount Tax Relief in Sacramento help you prepare your taxes!
If You Owe Taxes
If you owe additional tax and don’t file your return or an extension by the April 15th deadline, you can expect to be charged a late filing penalty that will increase the longer you wait. The IRS also charges a late payment penalty and interest on your unpaid tax beginning on the payment’s due date, even if you filed an extension.
You should also note that the late-filing penalty can be 10 times higher than the late payment penalty. If you’re unable to pay your tax bill and didn’t file an extension, you should still file your return as soon as possible so you can reduce the late-filing penalty.
Throughout this time, you can expect the IRS to send you multiple reminders to file your taxes. The IRS might even file a return for you, but it likely won’t include every deduction you’re eligible for. In return, this could leave you with an even higher tax bill than before.
Whether you’re receiving a refund or owe money, let our tax relief company give you the professional guidance you need. Contact Paramount Tax Relief in Sacramento by calling (916) 533-9940 to schedule a consultation. We are highly committed to providing the best tax resolution and service to our clients!