To file taxes for fiscal year 2022, the Internal Revenue Service of the United States established a long term in 2023. From January 13 to April 18, legal citizens had the opportunity to make taxes. However, you may have passed that date without filing your taxes.
People who reside in regions where natural disasters struck the previous year have the option to apply for an extension. In this way, they have until October 16 to pay their debts to the IRS. However, not everyone is eligible for such an extension. Here at The Look, we'll tell you what happens if you didn't file your taxes.
How to proceed if the tax return was not filed by the deadline
Except for states affected by acts of God, there is no way to request an extension if you did not pay your taxes. The deadline stipulated by the IRS is mandatory and all those who do not comply with it are exposed to a series of fines. There are even cases where you can be tried and imprisoned for tax evasion.
To prevent the situation from escalating further, the IRS recommends that payment of taxes owed be made as soon as possible. The same applies to filing a return. This way, you can ensure that you receive a smaller penalty without added interest. This will not complicate your finances or legal situation in the country.
If you don't have the means to pay all the money you owe on time, you have to pay what you can. In this way, you can reduce the amount of interest and penalties accumulated. In addition, this is essential to avoid major problems with the law. We also recommend that you contact the tax authorities in your region directly.
Particular situations related to tax reporting
In case you have not been able to declare your taxes within the established period, there are special cases where a fine or penalty can be avoided. For example, if the IRS owes you money, they won't be able to penalize you for failing to pay your taxes. This is a clause that is stipulated within the laws of the United States and the IRS.
On the other hand, it is important to note that there is a 3-year limit to claim any tax refunds due. In case you do not request the return after this period, you will not be able to receive the money owed to you. Therefore, you should make sure to present your case as soon as possible so as not to miss the opportunity.
Tips for filing your taxes on time
- Set alarms and reminders on your calendar about the tax year filing deadline.
- Gather all the necessary documents before the tax filing date.
- Make sure you have all W-2 forms, charitable donation receipts, and other deductible expenses.
- Seek assistance and advice on online tax software. This way, you can identify all applicable tax deductions and credits.
- Ask for help from a professional to prepare your tax return to save time and avoid problems in the process.
- If you already have everything prepared, do not hesitate to file the tax return before the date. So you can any last minute stress.