Missed The Tax Extension Deadline? Here's How To File Your Taxes Late

Filing taxes is already stressful enough, and missing the tax extension deadline only makes tax season more stressful. 

But, life gets in the way sometimes. If you missed the tax extension deadline, here’s how to recover, file your taxes late, and get your finances back on track for 2023.

What Is A Tax Extension Deadline?

A tax extension deadline is the alternative deadline the American government offers to its citizens. The original tax return deadline was April 18th, 2022. 

The tax extension deadline for 2022 was October 17th. If you asked for an extension, this was the date you should have filed your 2021 tax return.

What To Do When You Miss The Tax Extension Deadline?

After the deadline has passed, there are two situations you could be in. 

1. You’re Due A Tax Refund

If you’re due a tax refund, the government won’t have an issue holding onto your money (since it’s interest-free). 

Due to the government benefiting from this situation, there will be no penalty if you’re in this situation. 

You have 3 years from the deadline to claim your tax refund, however, don’t wait too long! Some credits, such as the premium tax credit (which is a refundable tax credit that helps families afford health insurance), are only available for a limited time.

2. You Owe Back Taxes

Let’s break down what to do if you don’t have a tax refund to collect and instead, you owe money to the government.

Though you won’t be able to get another extension for your 2021 tax return, you can still file. Just because you missed the extension deadline doesn’t mean you are prohibited from ever filing your 2021 tax return. 

Unfortunately, penalties and interest will start to accumulate. Since the deadline has passed, the failure-to-file and failure-to-pay penalties will begin accumulating.

The sooner you file, the fewer penalties you will have to pay.

What Happens If You Don’t Pay Your Tax Debt?

If you don’t pay off your tax debt, the IRS will start coming after you. If you haven’t been keeping up with the news, the Inflation Reduction Act will allow 87,000 new IRS agents to join the ranks. 

We suggest working with a professional tax relief company to ensure the best possible resolution. Not only will you save money, but you’ll avoid the stress that comes with owing debt and negotiating with the IRS.

Remember, it’s to your advantage to settle your back taxes as soon as possible. The longer you put it off, the more penalties and interest will stack up.

The Takeaway

Did you get behind on your taxes? You’re not alone. TaxRise has helped thousands of American taxpayers just like you resolve their tax issues and erase their tax liability. 

We help advocate on your behalf to the IRS. We save you stress, time, and money. 

If you don’t know which Fresh Start Program or installment plan best suits your needs, check out TaxRise’s free tax consultation. From this quick call, you’ll be able to determine if you qualify for our services and which tax relief program will work best for your unique situation. 

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