Tax Tip 2023-54
\nApril 20, 2023<\/p>\n
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Taxpayers who missed the recent April filing and payment deadline should know their obligations and the possible consequences if they don\u2019t file or have an overdue tax bill.<\/p>\n
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Taxpayers who owe tax<\/strong><\/p>\n Tax owed and not paid by April 18, 2023, is subject to\u00a0penalties<\/a> and interest<\/a>. Anyone who didn’t file and owes tax should file a return as soon as they can and pay as much as they can to reduce penalties and interest. Electronic filing options, including\u00a0IRS Free File<\/a>, are still available on IRS.gov through October 16, 2023, to prepare and file returns electronically.<\/p>\n <\/p>\n Filing soon is very important because the late-filing and late-payment penalties and\u00a0interest\u00a0on unpaid taxes add up quickly. Some taxpayers filing after the deadline may qualify for penalty relief. For those charged a penalty, they may contact the IRS by calling the number on their notice and explain why they couldn’t file and pay on time.<\/p>\n <\/p>\n Taxpayers who have a history of filing and paying on time often qualify for administrative penalty relief. A taxpayer usually qualifies if they have filed and paid promptly for the past three years and meet other requirements. For details, taxpayers should visit the\u00a0first-time penalty abatement page<\/a>\u00a0on IRS.gov.<\/p>\n <\/p>\n If taxpayers find that they owe taxes, they can review their\u00a0available\u00a0payment options<\/a>. The IRS has options for taxpayers who\u00a0can’t pay taxes<\/a>\u00a0they owe. Information on reducing the amount of interest owed is on\u00a0the interest abatement<\/a> page of IRS.gov.<\/p>\n <\/p>\n Military personnel can still use MilTax<\/strong><\/p>\n The military community can also file their taxes using\u00a0MilTax<\/a>, a free tax resource offered through the Department of Defense.\u00a0Eligible taxpayers<\/a>\u00a0can use MilTax to electronically file a federal tax return and up to three state returns for free.<\/p>\n <\/p>\n Some taxpayers have extra time<\/strong><\/p>\n Some taxpayers may have extra time to file their tax returns and pay any taxes due. This includes some\u00a0disaster victims<\/a>,\u00a0taxpayers living overseas<\/a>, certain\u00a0military service members<\/a>\u00a0and\u00a0eligible support personnel in combat zones<\/a>.<\/p>\n <\/p>\n Taxpayers who weren\u2019t required to file<\/strong><\/p>\n Some people may choose not to file a tax return because they didn’t earn enough money to be\u00a0required to file<\/a>. Generally, they won’t receive a penalty if they are owed a refund, but they risk\u00a0missing out on their refund<\/a>.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Tax Tip 2023-54 April 20, 2023...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-57495","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/57495","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57495"}],"version-history":[{"count":1,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/57495\/revisions"}],"predecessor-version":[{"id":57496,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/57495\/revisions\/57496"}],"wp:attachment":[{"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}