Ready or not today is the tax deadline. Do you have all your important documents in order? If you haven’t already filed your taxes, today is the day to get that dreaded job done. Below are 5 questions some taxpayers may still be asking.
- What will happen if I'm not ready to file my taxes by the deadline? Well, there’s good news and bad news. The good news is that there is no penalty if you file your taxes late if you will be receiving a refund. The bad news is, if you owe taxes and you didn’t file your taxes by the deadline and have not requested an extension, you will owe penalties and interest as well as the taxes you owe. The penalty for failure to file is 5% of the unpaid taxes each month or partial month that your return is late.
- Can I file an extension? If you are unable to file by the April 15th deadline you can file an extension which will give you until October 15th to file your tax return. Just remember, filing an extension is ONLY an extension of time to file your taxes. You MUST pay the taxes you owe on April 15th to avoid penalties and interest. You or your tax preparer will need to review your tax documents to determine the amount of any taxes you owe.
- Are there Payment options? Yes. You can pay your taxes by mailing a check, pay directly through your checking account using IRS direct pay, or for a fee, you can pay using a credit or debit card. You may also apply for a payment plan online using the IRS direct pay. Your payment plan must be finalized by the April 15th deadline.
- How long does it take get my tax refund? Most refunds that are e-filed are generally processed in less than 21 days and you should receive an e-file confirmation within 24 hours. Taxes filed on paper and mailed in to the IRS will take 4-6 weeks. Once your taxes are received by the IRS, you can use the IRS website feature “Where’s My Refund?” to check the status of your refund.
- What should I do if I forget a tax document? You will need to figure out if the new information will have an impact on your return. If you determine the document will have no effect on your return you can just file it with your other tax papers. Although, if you receive a Form 1099 with additional income, you will need to file an amendment to claim the income and make the correction. If you need assistance contact your tax preparer.
At Summit CPA we offer multiple resources to assist you with all of your tax and financial planning needs. Contact our office at 866-497-9761 to schedule an appointment with our advisors.