JERSEY CITY, N.J., April 19, 2018 /PRNewswire/ -- Even though taxpayers had an extra day due to the IRS e-file outage on April 17, 2018, otherwise known as "tax day," many Americans may not have been able to file their taxes by midnight April 18. Last year, several million taxpayers missed the IRS tax deadline, triggering potential penalties and interest. Now is the time to get some professional tax help if you missed the tax deadline, advises Jackson Hewitt Tax Service®.
"Missing the tax deadline is not the end of the world, but it is very serious and gets more serious the longer you go without filing," said Mark Steber, Chief Tax Officer of Jackson Hewitt. "We can help you resolve this quickly and can talk through the options available to taxpayers who missed the deadline."
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 make sure you file your state as soon as possible.
Jackson Hewitt offers these tips, in alignment with IRS guidance, for taxpayers who missed the deadline:
- File your return as quickly as possible. This will stop the failure to file penalties from continuing to grow. Of course, if you are getting a refund, the sooner you file, the sooner you get the money.
- If you owe money, pay as much as you can as soon as you can. This will minimize the penalties on unpaid amounts and reduce any interest charged by the IRS.
- 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 way to pay any amounts owed, minimizing penalties and interest.
Many Jackson Hewitt locations remain open, many with extended hours and on weekends, to be there for hardworking Americans who need help completing their taxes. The tax professionals at Jackson Hewitt can quickly complete and electronically file federal and state tax returns for customers, minimizing or eliminating any penalties for late filing.
To find an office near you, visit www.JacksonHewitt.com/OfficeLocator.
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.
SOURCE Jackson Hewitt Tax Service Inc.