Missed the April 15 Tax Deadline? Here’s What to Do Next
If April 15 came and went and you didn’t file your tax return, or submit an extension, you’re definitely not the only one. It happens every year for all kinds of reasons. The important thing now is what you do next.
Here’s what we recommend at Senter, CPA:
- File Your Return as Soon as You Can
First things first… get your return filed.
Even though the deadline has passed, filing now will help limit penalties. The Internal Revenue Service charges a failure-to-file penalty, and it adds up quickly, much faster than the penalty for not paying.
- If you owe money: Filing sooner helps stop that larger penalty from growing.
- If you’re getting a refund: There’s no penalty for filing late, but you do have a 3-year window to claim it.
- Pay What You’re Able to Right Now
If you can’t pay your full tax bill, that’s okay, but don’t wait to pay anything.
Sending in even a partial payment can reduce:
- Interest
- Penalties
It may not feel like much, but it makes a difference over time.
- Know What You’re Up Against with Penalties
There are two main penalties to be aware of:
- Failure-to-file penalty:
Usually 5% of what you owe per month (up to 25%) - Failure-to-pay penalty:
Typically 0.5% per month (also up to 25%)
Interest is added on top of both. Because the filing penalty is significantly higher, getting your return submitted should be your top priority.
- You Might Qualify for Penalty Relief
Depending on your situation, you may be able to have some penalties removed.
The IRS offers options like:
- First-time penalty abatement (for taxpayers with a good history)
- Relief for reasonable cause (such as illness or unexpected hardship)
This is an area where having a CPA involved can really help.
- Set Up a Payment Plan if Needed
If paying everything at once isn’t realistic, you can set up a payment plan with the IRS.
Installment agreements allow you to pay over time and can help:
- Avoid more serious collection actions
- Keep your account in good standing
- Don’t Forget About State Taxes
Federal taxes aren’t the only thing to think about. Your state may have filing requirements too. If you live in Michigan, for example, you may also face state-level penalties if you haven’t filed.
- Keep an Eye on IRS Mail
If you haven’t filed yet, there’s a good chance you’ll hear from the IRS. Don’t ignore those notices. They won’t go away on their own.
If you’re unsure how to respond, it’s best to have a professional step in.
Final Thoughts
Missing the deadline isn’t ideal, but it’s fixable. The biggest mistake we see is people waiting too long to deal with it.
Take action now. File your return, pay what you can, and make a plan for the rest. Doing something today can save you a lot of stress (and money) down the road.
If you need help getting caught up or figuring out your next steps, give our office a call at (248) 934-0550. We’re here to help.
