This write-up contains all our hard work to gather information that can help you to get the answers to your queries about What If I Miss The Tax Deadline 2022.
Are you among those who could not meet the tax deadline? Are you worried about the consequences of missing the tax deadline? Then you are at the right place. As the deadline for filing the tax return in the United States has arrived, we will discuss what problems you may face on missing the deadline for filing your tax.
So, if you also have the question in mind, What If I Miss The Tax Deadline 2022, do not turn the page.
Consequences of Missing the Tax Deadline
Filing tax returns is mandatory for all individuals with a certain amount of income. The deadline for this year’s federal tax filing is 18th April, Monday for most of the residents of the United States. Only the Residents of Maine and Massachusetts will have one day extra as the deadline of 18th April falls on a State Holiday.
However, if you fail to meet the deadline, you will be hit with a penalty. It is called ‘Failure to File Penalty,’ It is applied when you do not file your tax returns on time. As per the answers to What Happens If I Miss The Tax Deadline, The amount of penalty depends on the unpaid amount and the span of delay.
You can also suffer a ‘Failure to Pay Penalty’ if you fail to pay the filed amount of tax within the due date. However, if you expect a refund, there will be no penalty for filing your tax late.
Ways to Avoid Penalty
The best way to avoid any penalty is to file and pay your taxes within the due date. But if for any reason you are unable to do so, you can also file a request for Business Tax Extension Deadline 2022. But you must have to file your request for the extension of the due date within the original due date. You can fill out Form 4868 for free to file an extension request. Any individual can file for an extension request regardless of their income amount.
An extension only gives you an extended period of six months to file your taxes but not an extension for paying your taxes. Even if you are late, you can reduce the amount of penalty by clearing as much tax amount as possible that too early.
Exception for the Answers of What If I Miss The Tax Deadline 2022
There is a particular provision that helps taxpayers with a gross income of $73000 or less to pay their taxes for free even after missing the deadline. This provision of the IRS is named Free File Program, and it is active each year till mid-October.
Though we have found a few ways to avoid the consequences of missing the deadline for filing taxes, we must not take advantage of these provisions and should sincerely try to file and pay our taxes on time. Are you clear with the dates? Kindly share your query on the question of What If I Miss The Tax Deadline 2022 in the comments.