| Americans leave more than 1.5 billion dollars every year in unclaimed refunds gets left in the hands of the IRS.
If you’re reading this and the year is still 2023, the April 18 deadline for filing taxes in the United States has already passed. For those who have yet to file, the time to act to avoid mounting costs is now.
People miss the tax filing deadline for various reasons, ranging from life events to a lack of financial records to procrastination. With quick action, limiting your exposure to fines and interest is possible — and filing now can ensure receipt of any tax refunds you may be due.
How to Handle a Missed Tax Deadline:
The first thing to do is file as soon as possible. Doing so will staunch the bleeding from the filing penalties. For those who will receive a refund, which is around 80% of people, filing late will not get you penalized.
“If you have a refund due, then you are not behind on any tax payments,” says Patrick McCormick, a Chicago-based attorney and tax adviser. “That means that you will not face penalties or interest on the late taxes because there are no late taxes. In this case, the only thing that is late is your return…
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