Today, April 18th is the final day that you can file your taxes for the 2015 year. Unfortunately, many of you are looking down at your W-2, or 1099 wondering where the time went. So what happens if you file later than the filing date? Do you know if you are going to be penalized? The answer is of course like many others dealing with confusing government agencies; it depends on your situation. Your best course of action if you are in IRS trouble if you did not file for a tax extension is to contact a tax attorney to assist you.
The truth of the matter is that if you did not file for a tax extension, your situation could go a couple of ways depending on whether you:
- You are going to get a refund or,
- You owe a balance to the IRS
You Did not File For a Tax Extension, And You Are Going To Get A Refund
If you know that you are going to be getting a refund after you file your 2015 taxes, you are in good shape. If you did not file for a tax extension, you are not going to be penalized. It is important to remember that the sooner you file the sooner you will be able to get your money you are owed. Also, the idea that you are less likely to be audited if you are getting a refund or since you filed late is not accurate. The statute of limitations to get audited begins as soon as your paperwork is processed, so you are at the same level of risk whether you filed on time or not. It is important to note that in some unique situations you may be penalized for filing late if you did not file for a tax extension.
You Did not File For A Tax Extension, And You Owe A Balance To The IRS
The golden rule to tax extensions is that you are simply getting an extension to file not an extension to pay. When you are late making payments to the IRS, you are going to be fined 0.5% per month until you have paid in full up to the date of your payments. You may also face maximum penalties up to 25% in interest if you have not paid by April 18th. If you did not file for a tax extension, you would also be subject to a 5% fee of the unpaid amount.
The IRS operates under a unique set of laws and does not have a statute of limitations to assess your tax debt from previous years. You will be held accountable for every bit of money that you owe the IRS until you pay them back. If you are having issues paying your tax debt or need assistance finding the best solution to your situation you should contact a tax attorney to discuss the details of your case.
Get The Assistance You Need Today
At the Law Office of Tampa Tax Attorney Darrin T. Mish, we are proficient in assisting our clients who are in enormous tax debt. We have a full staff of attorneys and CPA’s who will be able to evaluate your situation to make sure that everything we do as we move forward is in your best interests. If you would like to contact the Tampa Tax Attorney Darring T. Mish contact our office 24×7 at 813-308-0330 and we will find the best time to meet you for a consultation.