“It’s important for those who missed the tax deadline to file as soon as possible,” said Mark Steber, Chief Tax Officer of Jackson Hewitt. “The Tax Pros at Jackson Hewitt can help taxpayers resolve the issue quickly and prepare for a smooth filing next year to ensure this doesn’t happen again.”
There are at least two penalties taxpayers may face by missing the federal tax deadline: failure-to-file and failure-to-pay.
Failure-to-file: The penalty for not filing a return or an extension is 5 percent of unpaid taxes each month, not to exceed 25 percent.
Failure-to-pay: The IRS can also assess a failure-to-pay penalty if at least 90 percent of the expected taxes due are not paid. This penalty starts at 0.5 percent of unpaid taxes each month, not to exceed 25 percent.
In addition to federal penalties, taxpayers will face penalties from the state when they are filing late. Some states assess a late filing penalty, even when there is a refund coming, so taxpayers should make sure they file in their state as soon as possible.
Jackson Hewitt is offering taxpayers these tips, in alignment with IRS guidance, for those who missed the tax filing deadline:
File your return as quickly as possible. This will stop the failure to file penalties from continuing to grow. Of course, if taxpayers are getting a refund, the sooner they file, the sooner they’ll get a return.
If taxpayers owe money, they should pay as much as they can as soon as they can. This will minimize the penalties on unpaid amounts and reduce any interest charged by the IRS. There is a 120 window to pay on installment without fees, however penalties and interest still apply.
File electronically. E-filing is faster, more accurate and provides a confirmation of receipt, giving you peace of mind knowing your return has been received by the IRS. Jackson Hewitt offers free e-filing with paid tax preparation.
Use electronic payment options. As with filing, this is the fastest and most secure way to pay any amounts owed, minimizing penalties and interest.
Many Jackson Hewitt locations remain open, often with extended hours and on weekends, to be there for hardworking Americans who need help completing their taxes. Tax Pros at Jackson Hewitt can quickly complete and electronically file federal and state tax returns for customers, minimizing or eliminating any penalties for late filing.
Visit jacksonhewitt.com/officelocator to locate the nearest Jackson Hewitt office or schedule an appointment with a Tax Pro.
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. is an innovator in the tax industry, with a mission to provide its hard-working clients access to simple, low-cost solutions to manage their taxes and tax refunds. Jackson Hewitt is devoted to helping clients get ahead with Maximum Refund and 100% Accuracy Guarantees. With close to 6,000 franchised and company-owned locations, including 3,000 in Walmart stores, and online and mobile tax solutions, Jackson Hewitt makes it convenient for clients to file their taxes. For more information about products, services, and offers, or to locate a Jackson Hewitt office, visit www.jacksonhewitt.com or call 1 (800) 234-1040.
Why Jackson Hewitt®?
We’re not tax machines. We’re Tax Pros who are happy to answer all of your questions, provide you with tips, and help you get smarter about your money.
We’ve seen it all — from the simple to the complex — and we’ll get you every credit and deduction you deserve. Our returns come with our Maximum Refund and Lifetime Accuracy guarantees – we’ll get it right or we pay you.
Our Tax Pros are there to help wherever you are. We’re conveniently located and offer a confidential, secure space to discuss your taxes. We’ll even get you started in advance with document drop-off or upload.