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Filing Your Taxes: How Late Is Too Late?

The beginning of the year is often dreaded by many as the deadline to file your taxes approaches quickly. However, what happens if April 15th comes around and your taxes haven’t been filed yet? Are there options if you waited too long or simply couldn’t pay the amount due?

For the most part, taxes should always be turned in on time. Not only will turning in tax forms on time prevent headaches, but it will also prevent potential fees and other penalties. There are many reasons that you may need help with income tax filing. Mesa, Arizona, is home to M&M Accounting, and we can help make sure your taxes are filed on time and without penalty.

Filing Extension

If you think you’ll miss the deadline, you can submit an extension that will give you more time to file your taxes. This can help prevent fees and penalties while still allowing you to have the extra time you need.

By filing for an extension, you’re able to receive more time without having to worry about the late fees. Late penalties are charged based on the month. For each month that income tax hasn’t been filed, you will be charged 5% of the amount due. Sixty days past the deadline, there’s a $100 minimum penalty or 100% of the tax due with one’s return, whichever is less. There’s also a maximum fee of 25% of one’s owed taxes.

If you need help with your income tax filing, our talented team at M&M Accounting in Mesa,  can help ensure you meet your tax deadlines.

But Really, How Late Is Too Late?

The best part about receiving a refund for your federal taxes is that there’s no penalty for filing late. You can file as late as you want if you’re going to receive a refund, up to three years. However, filing on time is the best option, as you will get your money faster.

On top of that, some tax deductions must be made by the deadline, and you may miss out on these if you file late.

Unfortunately, if taxes are owed, there are much more strict time constraints. If they aren’t filed, the penalties we spoke about above will come into play. Oftentimes, people put off paying their taxes because they don’t have enough money, or they don’t have the time. However, doing this will only increase the amount due and the stress hanging over your head.

How to Make Sure You File Your Taxes on Time

There are plenty of options for income tax filing in Mesa, Arizona. At M&M Accounting, we’ll make sure that you file your income taxes on time, helping you file for an extension if needed. Contact our talented team here at M&M Accounting for more information about filing your income taxes.

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