The cost of filing your 2021 tax return late

ATLANTA - This year’s tax deadline is about a month out. But still, many people will miss the IRS filing deadline. You have to file eventually, but here are options available to you if you are going to be late. 

If you look at the calendar, April 18 is the deadline to file your 2021 tax return. If something has come up and you can’t file by that time, you can file for an extension. That pushed out deadline is Monday, October 17. 

But here’s what you need to know about filing late. It’s not without financial risks. 

If you are owed a refund or don’t owe the IRS anything, there are no penalties involved for filing late. Although, you don’t get your refund until you do file. If you do owe the government money, you want to file for an extension to avoid penalties for failure to file. If you can pay what you owe by April 18th but can’t get all the associated paperwork in until October, this allows you to avoid more penalties and interest. 

But you can’t put this off forever. There are real consequences. If you are years behind, the IRS can and will garnish your wages, put liens on property, or take it directly from bank accounts. If you owe more than $51,000, the IRS can withhold a passport. And, they can try collections agencies. 

If you are behind and really want to pay your tab, reach out to the IRS. Create a payment plan. Get it behind you. 

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