The federal income tax deadline has passed for most individual taxpayers. However, some haven’t filed their 2021 tax returns or paid their tax due.
Some people may choose not to file a tax return because they didn’t earn enough money to be required to file. Generally, they won’t receive a penalty if they are owed a refund. However, they may miss out on receiving a refund.
On the other hand, tax owed and not paid by April 18, 2022, is subject to penalties and interest. Taxpayers in Maine and Massachusetts had until April 19 to file and pay due to the Patriots’ Day holiday in those states.
Anyone who didn’t file and owes tax should file a return as soon as they can and pay as much as they can to reduce penalties and interest.
Filing soon is very important because the late-filing and late-payment penalties and interest on unpaid taxes add up quickly.
Taxpayers who have a history of filing and paying on time often qualify for administrative penalty relief. A taxpayer usually qualifies if they have filed and paid timely for the past three years and meet other requirements. For details, taxpayers should visit the first-time penalty abatement page on IRS.gov.