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What happens if I miss my tax extension deadline?
If you missed the tax deadline but are due a refund there is no penalty. But if you owe taxes and missed the deadline, there’s good news and bad news. Bad news: You can’t file an extension at this point. More bad news: you will be charged failure-to-file and failure-to-pay penalties for missing the deadline.…
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What do I do if I can’t file on time?
Taxpayers needing more time to file their taxes can get an automatic six-month extension from the IRS. Please see “When must taxes be filed by?” to determine your filing deadline. Here’s how we can help you: Related questions
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My LLC is registered in a State that has no income tax, I don’t have to pay tax on my profits, correct?
No. You must pay income tax to the IRS on any profit you make, and you must pay income tax where you made the profit, not where your LLC is formed. So, if you made profit in a state that had a 10% tax rate, you’d pay 10% income tax, regardless of where you were…
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I got charged a tax penalty, what can I do?
If you get charged a tax penalty, you have several options to deal with it. Option 1: You can pay the penalty. Option 2: If you can’t pay your balance in full, pay what you can now. You can enter into an Instalment Agreement to pay the remaining balance. Entering into an Instalment Agreement may…
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Do I still need to file a tax return if I didn’t make a profit?
Yes, if you have any rental or business activity during the year, you willneed to file a tax return. You must still file a tax return to the IRS regardless of whether you made aprofit, even if you had no income. You may well be filing a zero return with $0in most boxes. Here’s how…
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