The individual and business tax deadlines for calendar year 2022 are now past.
If you missed the deadline but filed an extension you’re probably in pretty good shape, as you avoided the heavy 5% failure-to-file penalty that hit on April 19th this year and continues to hit monthly thereafter.
At Torchlight Tax and other service-oriented tax firms, we try to contact our clients and potential clients and get extensions done before the deadline.
If you filed for an extension, you have until October 16th 2023, to file your taxes and there is no failure-to-file penalty. Unfortunately, if you did not file an extension before the deadline you can no longer get an extension.
If you file your tax return on time but don’t pay the taxes you owe, you’ll be subject to a late-payment penalty of 0.5% per month. This failure-to-pay penalty is 1/10th of the failure-to-file penalty.
If you missed the tax deadline and did not get an extension, the best thing you can do is file your return as soon as possible to stop the accumulation of failure-to-file penalties.
We at Torchlight Tax will be glad to give you fast service so you can minimize your penalties. Feel free to call us at 702-463-1818 or email us at firstname.lastname@example.org or fill out the form for a free consultation.