Hyden, Miron & Foster, PLLC Law Blog

Monday, July 17, 2017

What Happens If I Don’t File My Taxes?

Can I still file my taxes for 2016 this year?

The April 2017 tax filing deadline has come and gone, and you still have not filed your taxes.  If you didn’t file your taxes for this year, do not dismay, as you still have options to bring yourself into compliance. Failure to file taxes can lead to penalties and loss of your refund, so contact a tax law attorney in your area today for help with filing any back-owed tax returns.

If You’re Getting a Refund

If you will be getting a refund from the IRS, you do not need to panic over missing the filing deadline.  You will have until April 18, 2020 to file your 2016 tax return and still receive a refund.  After that time, you will lose your right to the refund and it will go to the U.S. Treasury as a donation.  Take the time now to file your late tax return so that you can receive the money owed to you by the government.  

If You Owe Taxes

If you owe taxes, you will need to file your late return as soon as possible.  Failure to file a timely return will result in penalties.  You will be assessed a fine based on your failure to file a return of five percent of the amount you owe in taxes for each month you are late.  Your maximum fine is capped at 25 percent of your unpaid taxes.  Additionally, you can be charged a fine for not paying of .5 percent of the amount owed for each month you are late, amounting to a maximum of 25 percent of your unpaid tax bill.  This means that your failure to file and pay your taxes timely could potentially result in up to a 50 percent penalty on top of what you already owe, plus interest.

Even if you are amassing penalties, you can take action now to stop the fines and correct your delinquency.  If you are having trouble paying the taxes you owe, you should still file a return to prevent failure to file penalties.  Contact a tax attorney for assistance with your return and resolution of your tax issues.

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