Don’t worry! You haven’t missed it… yet. Traditionally, Tax Day falls on April 15th, but for 2022 it lands on April 18th. April 15th is still an important date when it comes to taxes in 2022, so don’t write it off quite yet. As we discussed in our last newsletter, the deadline for requesting extensions for C Corporations this year is April 15th. The deadline for extension requests for individuals and S Corporations was March 15th, 2022. If you meant to send an extension request but forgot or anticipate that you won’t have your taxes filed by the deadline, we have some answers for you!
What happens if I’m owed a refund but I didn’t file by the Tax Deadline?
Good news! There is no penalty for late filings in cases where you’re owed a refund. Another bonus is that individuals have up to 3 years from the missed deadline to file and get your refund. However, delaying your filing for too long could create issues, especially if you receive the Premium Tax Credit for your health insurance.
What if I owe taxes and missed the Tax Deadline?
Unfortunately, in the event that you don’t either file your taxes or submit a request for extension on time when you owe money, you will have to pay some penalties. You’ll be charged for failure to file penalties and failure to pay penalties. The silver lining in this situation is that you’re able to file your taxes as soon as possible, and the sooner you get it done, the less money you’ll have to pay in penalties.
Don’t let tax season get you down! Blueprint Financial’s specialized team of CPAs and accountants have experience with all types of business formations and all stages of tax compliance. Give yourself and your business the support from tax professionals you deserve.
