What If I Missed the April 17th 2012 Tax Deadline for 2011 Taxes?
There are consequences for not filing your taxes by the IRS deadline which vary depending upon your situation. The longer you wait to file, the larger your penalties and problems become (if you owe taxes).
Here’s a list of all potential penalties and consequences involved with missing a tax deadline:
- No Penalties or Refund Loss Within 3 Years,
- Failure to File Penalty,
- Failure to Pay Penalty,
- Combined Penalty,
- IRS Tax Collection,
- Tax Fraud Penalties,
The sooner you take action after missing a tax deadline, the better off you will be. While everyone has a different reason for missing the deadline, there are a number of common situations and tips for reducing the consequences or penalties:
- Forgot to file or loss track of time,
- Don’t have cash to pay taxes owed,
- Hoping not to pay taxes you owe.
Can Tax Penalties Be Eliminated?
In some situations you can have IRS penalties eliminated if you show you should not be liable for them. Here are common situations in when penalties may be eliminated (many more situations apply as well):
- Natural Disaster,
- Stranded or Absent.
Each penalty abatement request is evaluated on a case by case basis. If the IRS feels you had a good reason for missing the deadline, they can remove penalties.