Missed the April deadline to file your 2023 federal taxes?
The IRS has options to help! Here are some key points:
Payment Programs: Struggling to pay? Check out IRS payment plans and first-time penalty relief.
Penalties & Interest: Pay ASAP to limit penalties and interest (currently 8% compounded daily). Late-filing penalty is 5% per month, late-payment penalty is 0.5% per month.
Electronic Payments: Use IRS Direct Pay for quick, easy payments.
File & Pay: Filing even if you can't pay reduces penalties. An extension to file is not an extension to pay.
Penalty Relief: You might qualify for penalty relief if you’ve paid on time in the past three years.
Payment Plans: Options include short-term (up to 180 days) and long-term (up to 72 months) plans.
Automatic Extensions: Some taxpayers, like those in disaster areas or military personnel, get extra time automatically.
Prevent Future Surprises: Adjust your withholding with the Tax Withholding Estimator to avoid unexpected bills next year.