Skip to content
Home » Valentine's Day » I forgot to file my taxes on time, what happens now?

I forgot to file my taxes on time, what happens now?

The extension for taxpayers was May 17. They had until then to file an extension if they needed more time to complete their taxes.

If you forgot to file or simply did not ask for an extension, do not ignore it because it will not just go away. You need to take action immediately before you face increased penalties.

Filing your taxes more than 60 days after the deadline results in a fine worth $435 dollars or your 100% of taxes owed, whichever is less money.

There is no penalty for filing late if you’re owed a refund though.

If you forgot to file and owe taxes, you can file and pay as much as you can afford to bring down the penalties and interest.

If you have a reasonable cause for not paying on time and can prove it, you won’t face penalty.

Reasonable causes include a fire, casualty, or natural disaster. It also includes not being able to get necessary records for filing, death, serious illness, or absence of the taxpayer or their immediate family, or any other reason similar that can be proven.

Related: There’s only one week left until the federal tax deadline, don’t forget or it’ll cost hundreds in penalties

Categories: News