What steps should you take if you realize you missed the 2024 federal tax filing deadline?
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If you realize you missed the 2024 federal tax filing deadline, you should take the following steps to minimize penalties, interest, and other negative consequences:
1. File Your Tax Return as Soon as Possible
- Even if you missed the April 15, 2025 deadline, you should file your tax return promptly. Filing sooner will help reduce the failure-to-file penalty, which is generally 5% of the unpaid tax for each month or part of a month that your return is late, up to a maximum of 25%.
- If you are due a refund, there is no penalty for filing late, but you must file within three years of the original due date to claim your refund.
2. Pay Any Taxes Owed as Soon as Possible
- Pay as much as you can, even if you cannot pay the full amount. This will reduce the amount of interest and late-payment penalties that accrue on the unpaid balance.
- Interest accrues from the original due date (April 15, 2025) until the tax is paid in full.
3. Understand the Penalties
- The failure-to-file penalty is usually 5% of the unpaid tax per month, up to 25%. If your return is more than 60 days late, the minimum penalty is the lesser of $510 or 100% of the unpaid tax for 2024 returns.
- The failure-to-pay penalty is 0.5% of the unpaid tax per month, up to 25%. If you have an installment agreement in place, this penalty is reduced to 0.25% per month.
- If both penalties apply in the same month, the failure-to-file penalty is reduced by the amount of the failure-to-pay penalty.
4. Consider Payment Options
- The IRS offers several payment options, including IRS Direct Pay, debit or credit card, digital wallet, and the Electronic Federal Tax Payment System (EFTPS).
- If you cannot pay in full, you can apply for a payment plan (installment agreement) online. Short-term plans are available for balances under $100,000, and long-term plans for balances under $50,000.
- While an installment agreement is in effect, the failure-to-pay penalty is reduced by half.
5. Request Penalty Relief if Eligible
- You may qualify for penalty relief if you have filed and paid on time for the past three years and meet other requirements. This is known as first-time penalty abatement.
- If you receive a penalty notice, read it carefully and follow the instructions to request relief.
6. File Electronically if Possible
- Electronic filing is faster and more accurate. IRS Free File and other electronic options are available through October 20, 2025, for the 2024 tax year.
7. If You Are Due a Refund
- There is no penalty for filing late if you are due a refund, but you must file within three years of the original due date to claim it.
8. Special Circumstances
- Taxpayers in federally declared disaster areas, those living and working outside the U.S., and military personnel in combat zones may have additional time to file and pay without penalties and interest.
9. Summary of Steps
- File your return as soon as possible.
- Pay as much as you can immediately.
- Use IRS payment options or set up a payment plan if needed.
- Consider requesting penalty relief if eligible.
- File electronically if possible.- If due a refund, file within three years to claim it.
- Check for special relief if you are in a disaster area, overseas, or in the military.
Taking these steps will help minimize the financial impact of missing the tax filing deadline and keep you in good standing with the IRS.
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