Millions of Americans procrastinate on filing their tax returns every year for various reasons – they believe the process is too confusing or time-consuming, they find it stressful or they’re worried they’ll make a mistake or owe a lot of money.
While the IRS allows taxpayers to request an extension if they can’t file their tax return on time, you must still pay any money you owe to avoid penalties or interest. Here’s what you need to know if you missed the April 18 due date.
Any taxpayer, regardless of income, can electronically request an automatic tax-filing extension, which will give you an additional six months to file your taxes. However, it’s essential to note that an extension does not give you a reprieve from paying any taxes that are due.
To get the extension, you must estimate your tax liability on the IRS’ Free File form and pay any amount you owe.
2022 was the first time in two years that the IRS did not lengthen the tax deadline due to the COVID-19 pandemic. Therefore, anyone who hasn’t yet filed their 2021 tax return or requested an extension is already late and may face penalties if they owe any money.
If you are eligible to receive a refund from the IRS and miss the tax deadline, there are no negative consequences for filing late, and you can still get money back. However, you only have three years to file your 2021 tax return before the IRS turns your tax refund over to the Treasury and your money is gone forever.
People who owe money to the IRS and have not paid yet can get hit with a Failure to File or Failure to Pay penalty. These penalties are a percentage of the taxes you didn’t pay on time. The IRS will mail you a notification to let you know how much you owe based on how long your overdue taxes remain unpaid.
If you owe more than you can afford to pay, you may qualify for an online payment plan, including an installment agreement, that allows you to pay off an outstanding balance over time.
The IRS offers two payment plans.
After you complete your online application, you’ll receive an immediate confirmation if the IRS approves it.
If you haven’t filed your tax return and owe money to the IRS, getting that taken care of as soon as possible will reduce your penalties and interest, while giving you peace of mind. Our experienced professionals will alleviate the stress associated with tax season and give you more time back to focus on growing your business. Reach out to us to learn more about our small business tax planning services in Tucson!
At Clear View Business Solutions, we know you want your business to prosper without having to worry about whether you are paying more in taxes than you should or whether your business is set up correctly. The problem is it's hard to find a trusted advisor who can translate financial jargon to layman's terms and who can actually help you plan for better results.
We believe it doesn't have to be this way! No business owner should settle for working with a CPA firm that falls short of understanding what you want to achieve and how to help you get there.
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7530 N. La Cholla Blvd., Tucson, AZ 85741
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2929 N Campbell Avenue, Tucson, AZ 85719
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At Clear View Business Solutions, we know you want your business to prosper without having to worry about whether you are paying more in taxes than you should or whether your business is set up correctly. The problem is it's hard to find a trusted advisor who can translate financial jargon to layman's terms and who can actually help you plan for better results.
We believe it doesn't have to be this way! No business owner should settle for working with a CPA firm that falls short of understanding what you want to achieve and how to help you get there. With over 20 years of experience serving hundreds of business owners like you, our team of experts combines financial expertise and proactive communication with our drive to help each client achieve results and have fun along the way.
Here's how we do it:
Discover: We start with a consultation to understand your specific goals, what's holding you back, and what success looks like for you.
Strategize & Optimize: Together, we design a customized strategy that empowers you to progress toward your goals, and we optimize our communication as partners.
Thrive: You enjoy a clear view of your business and your financial prosperity.
Schedule a consultation today, and take the first step toward being able to focus on your core business again without wondering if your numbers are right- or what they mean to your business.
In the meantime, download, "The Business Owner's Essential Guide to Tax Deductions" and make sure you aren't leaving money on the table.
