The tax deadline is far behind us, and many people who failed to file may be wondering what to do next. Fortunately, you have options, and the tax service team at Daren Katayama, CPA, LLC in Kailua Kona, HI, will help you get back on track again. Here’s what you can do if you missed the April 18^th tax deadline this year.

What Happens When You Don’t File

If you were owed a refund, you have little to worry about. If you owe money on taxes, you will be assessed penalties for not filing, and these penalties can grow rather quickly. If a return is less than 60 days late, you’ll be assessed 5% for each month you failed to file. Past 60 days, you’ll either be penalized at 100% of the amount of unpaid taxes or $210 (whichever figure is less). If you need help, speak to a tax service advisor as soon as possible.

Extension on Filing

If you missed the April 18^th deadline, you can request an extension to file your tax return before October 15^th. However, if you failed to file the proper documents for an extension before today, this option is no longer available. You can still receive assistance, however, particularly if you’ve been diligent about paying your taxes on time up to this point.

In this case, you may be eligible for a first-time penalty abatement (provided no other penalties have been levied against you over the past three years). If the IRS determines there was a valid reason for your late filing, they may relieve your penalties. In this scenario, you would still owe the same taxes. A professional tax service can offer more information on penalty abatement.

The accountants at Daren Katayama, CPA, LLC know that late filings can be a stressful experience. That’s why they work diligently to help their clients in Kailua Kona remedy any issues quickly and efficiently. If you need professional tax service, call (808) 329-6635 today. You can also use the online contact form to get answers to your tax prep questions.