What to Do If You Can’t File or Pay Your Taxes On Time: Extensions, Payments, and IRS Penalties

Learn about tax extensions, payments, and penalties, and how to manage them effectively, whether you’re a freelancer or traditionally employed. Discover how to avoid costly mistakes and protect your future refunds.

Strategies for tax management, particularly if you’re tackling your taxes past the deadline. Grasp the essentials of securing a tax extension with IRS Extension Form 4868 while acknowledging that taxes due by April 15 must still be paid on time. Learn about the potential financial consequences, including tax filing penalties and how they can compound similarly to interest. Freelancers and gig workers will gain insight into the necessity of consistent quarterly taxes to circumvent underpayment penalties. Should you anticipate a tax refund but have delayed your filing, we’ll guide you on how to claim your refund within the crucial three-year limit. Furthermore, for those grappling with tax debt, we outline how to navigate IRS payment plans, providing a safety net for those who cannot settle their tax obligations in full immediately.

Most filers have until April 15. In 2024, some, however, get an extra day or two, or other additional time due to observed holidays, or other situations.

What to Do If You Can’t File or Pay Your Taxes On Time: Extensions, Payments, and IRS Penalties

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Money Instructor does not provide tax, legal, or investment advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or investment advice. You should consult your own tax, legal, and investment advisors regarding your own financial situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing. Please note, the context of financial investments can be complex and dynamic, necessitating professional advice tailored to your unique circumstances.

Categories Taxes

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