The deadline to file a tax return has come and gone. Did you miss it? Depending on your situation that could
be cause for an “oops” or it could mean you need to take action ASAP to avoid owing any more to
If you missed the tax deadline but are due a refund there is no penalty. The government is happy to hold on
to your money, interest-free, for a bit longer. In fact, you have up to three years from the filing deadline
to complete a return and get that refund.
Don’t delay too long though. This is especially true if you get a Premium Tax Credit to help pay for
insurance. Failure to file a tax return could jeopardize that credit, so it’s better to act soon. You can still
make an appointment at an Nugent & Associates office or start online.
If owe taxes and missed the deadline, there’s good news and bad news.
Bad news: You can’t file an extension at this point.
More bad news: you will be charged
missing the deadline.
Good news: You can still file.
Ok, that might not seem like great news. How about this: The sooner you file, the less you’ll pay in
Read more about exactly
penalties are calculated
. Generally, the IRS charges them on a monthly basis, but they can be prorated
for a portion of a month. So it’s a good idea to file as soon as possible to limit the charges you may
incur. After 60 days pass, you will incur an established minimum penalty that is the lesser of $205 or 100%
of the unpaid tax you owe.
So there is a simple solution: Get that tax return filed and make it a priority now. Learn more about
how to file back tax returns
how to reduce penalties and
if you qualify.