April 15, 2013 has come and gone. You knew that your state and federal tax returns needed to be filed, and your taxes paid, by April 15. Yet, you missed the deadline, and you did not file an extension. Whether you missed the deadline because you didn’t have the money to pay your tax bill, or for other reasons, it is important to know what to do now.
Take Action Now
You may be able to lessen the financial penalties and consequences if you take steps to file your taxes as soon as possible. For example, if you file your tax returns and pay your outstanding taxes, or if you file for an extension and pay your taxes, then you could avoid:
- Harsher failure to file penalties. Failure to file your tax returns, or failure to file an extension, has harsher penalties than your failure to pay. Generally, the failure to file penalty is 5% of your unpaid tax bill for each month that you fail to file up to a maximum of 25%. Thus, the sooner you file your return or file for an extension, the less this penalty may be in the end.
- Harsher failure to pay penalties. The penalty for failing to pay your taxes is generally ½ of one percent (0.05%) of your tax bill each month.
Thus, every month or part of a month that you delay could cost you money.
Call an Oklahoma City Tax Lawyer if You Owe Back Taxes
If you are in trouble with the IRS or OTC, then we encourage you to get the legal help that you deserve by calling our experienced Oklahoma City tax attorneys today at 800-721-7054. You can also learn more about your rights in our FREE book, The Ultimate Survival Guide for IRS Problems.