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Post Tax-Day Questions

The tax deadline passed on April 18th. But just because tax season is behind us doesn’t mean all of your tax problems have been resolved. Here are some FAQs to help with your lingering post-tax day questions.

Q: What if I didn’t file my tax returns by April 18th?

A: When it comes to taxes, you are better late than never. If you are a taxpayer, you must file your taxes. Not filing so can result in hefty fines and even legal action if you are suspected of tax fraud. If you are required to file, it is important to file even if your submission is late. When you file late, you can expect to pay a late penalty and interest on taxes owed. The failure-to-file penalty is 5% of the unpaid taxes added for every month late. This interest can quickly add up, making filing as soon as possible in your best interest. If you are owed a tax refund this year, there is no penalty for a late return.

Q: How do I pay my taxes?

A: You have many different payment options for your 2022 tax dues:

  • Payment upfront with a credit card, debit card, IRS direct pay, or digital wallet
  • Payment over time with an online payment plan

You can view the balance of taxes owed on the IRS website.

Q: How do I fix an error on my tax return?

A: Mistakes happen. Tax rules and guidelines are constantly changing, and it is easy for inexperienced and repeat filers alike to make some mistakes on their return paperwork. Errors include incorrect income, credit, deductions, or filing status information. With these errors, you will likely need to complete a tax return amendment with form 1040X. Errors could also be the result of incorrect calculations and mathematical mistakes. The IRS typically catches these simple calculation errors and will correct the mistake themselves. If the IRS does need more information from you to correct a mistake, they will reach out to you via e-mail.

The IRS asks those expecting a refund and who have noticed an error after filing to wait to submit an amended return until the first return has been completely processed. Submitting an amendment before the processing of your original refund will clog up the system and lengthen the time it takes the IRS to process your amendment.

Q: Why haven’t I gotten my refund yet?

A: You can check your refund status directly on the IRS website using the Where’s My Refund? tool or by calling 800-829-1954. You will need the exact dollar amount of your refund, your filing status, and your social security number to access the status of your refund.

The IRS does not have a specific tax refund schedule, but they generally advise that you should receive your refund within 21 days of filing. If you have yet to receive your refund within this time frame, an error in your return may be holding up processing.

“Tax Season” may be over, but at Halter CPA, we help with taxes all year long. We can help answer all of your tax questions.

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