There are two kinds of taxpayers right now.
Those who filed their taxes.
And, well, those who didn’t.
There are MANY reasons why you might be in that second group, and there doesn’t need to be any shame attached to it.
But for those who haven’t yet filed (maybe that’s you, ~Contact.FirstName~?), here are some thoughts.
What To Do If You’re Among Those Chicago Taxpayers Who Missed The Tax Deadline
“Everyone falls down. Getting back up is how you learn how to walk.” -Walt Disney
April 15th came and went.
What’s your tax filing status? If you have already received a refund, kudos (of sorts) to you. If you have yet to file … let’s not wait another day, shall we?
More on how we can tag team your taxes in a moment. But first, I want to explain why it is so important you file your taxes ASAP even though you already missed the deadline. As I’ve mentioned before, I get that life happens. Family circumstances and work-related deadlines sometimes make March and April seem like a shooting star — one second it’s there, the next second it’s gone.
But in the same way life happens, our taxation system happens.
Part of that taxation are “failure to file” and “failure to pay” penalties.
Failure to file will incur an additional 5% penalty for each additional month you neglect to file. Five percent one month, 10% the next and so on … this penalty will continue until maxing out at 25%. Please don’t let that happen.
The failure to pay penalty is one half of one percent, and will also add up until you reach 25%.
Note: You cannot file for an extension after the tax deadline. Even if you filed for an extension on time, you still need to pay your taxes on the Federal Government’s regular scheduling. Please pay ASAP.
As a reminder of how you can pay, here is a brief rundown of options.
- IRS Direct Pay
- Electronic Federal Tax Payment System
- Credit or Debit Card
- Check or Money Order
- Pay the IRS a Visit
If you feel dead in the water after the deadline has come and gone, please know that it’s not too late to act. And if filing your taxes has always been a struggle, due to time restraints or lack of understanding of the process, I want to help you flip the script.
I love the opportunity to help Chicago individuals like you file their taxes. That starts with a sit down meeting, and we could easily get that on the calendar in the next month or two. Taxes, when done right, are not something to withhold until April. With more legislation surrounding taxation laws, it’s more important now than ever that you seek a helping hand.
This article is my way of extending a hand.
A.L. Taylor and Associates, PC