“Oh No! I Missed Tax Day”: What You Need to Do Right Now

“Oh No! I Missed Tax Day”: What You Need to Do Right Now

If you’re reading this. Then you probably missed Tax Day. That’s bad! But it’s not the end of the world.

If this has happened to you, you’re likely feeling stressed and uncertain about what to do next. At the McAllen CPA office of Abigail Y. Murray CPA, we can help you relieve the burden you’re under and address all of your tax needs. Contact us today at (956) 800-5600, and you’ll be on your way to getting back some peace of mind.

To help you get started, our McAllen accountant has put together the following information that can answer some of your initial questions.

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Should I File My Taxes Even If I Can’t Pay Them?

Absolutely yes. Filing your taxes without paying them is better than filing them late because you will be charged a 5%-per-month fee based on the amount of taxes you owe if you file late.

I Missed Tax Day: What Now?

If Tax Day has come and gone before you filed your taxes, fight against the urge to bury your head in the sand and forget about your taxes until next year.

The best remedy is to get them done as quickly (and thoroughly) as you can. If you’re in doubt as to whether you truly need to file taxes, consider the following consequences of not filing taxes:

  • Tax Penalties: The IRS does not look kindly on people who fail to pay their taxes, and it has the authority to issue tax penalties in the form of fines to those who are delinquent in their tax payments. Nobody wants to pay taxes, but paying fees on top of those taxes is even worse.
  • Loss of Refund: If you fail to file your taxes, you may be losing out on money. Sometimes the government ends up owing you money after you calculate your taxes, and that payment comes in the form of a refund. If you don’t file, however, you lose that chance to get a refund. The IRS may also end up preparing a tax return for you if you don’t do it yourself, and they will do so without including tax exemptions or credits that could lead to you receiving a refund.
  • Interest, Liens, and Seizures: The longer you wait to file, the more serious the consequences may become. The IRS has the ability to garnish your wages, put a lien on your home, or seize your assets if you refuse to cooperate with them. The longer you take to pay your taxes, the more you will end up paying because the interest on the payment will continue to grow.

Though it may be tempting to believe you can get away with not filing taxes, it is harder than ever to do so. We live in a day when information is easier than ever to access, so don’t believe that you can escape the notice of the IRS. Don’t risk your financial health by risking the wrath of the IRS.

Instead, enlist the help of an experienced McAllen accountant at the office of Abigail Y. Murray to help you avoid the serious consequences that await you if you miss tax day. Call a McAllen CPA near you today at (956) 800-5600.