You Missed Tax Day, Now What?

Missing Tax Day can be a stressful experience, but don't panic! There are steps you can take to minimize the consequences and get back on track with the IRS. Whether you need more time to file, assistance with repayment, or help covering any tax-related costs, Sunset Finance is here to help. Here's everything you need to know if you missed Tax Day.

1. Apply for an Extension

First things first, if you missed the tax deadline, you can apply for an extension. Filing an extension allows you more time to complete and submit your tax return.

The IRS typically grants extensions until October 15, giving you an additional six months to file your taxes. However, keep in mind that this extension only applies to filing your return—it doesn't give you more time to pay any taxes owed. If you anticipate owing taxes, you should still pay what you can by the original deadline (April 15), or you could face interest and penalties.

How Sunset Finance Can Help: 

If you're unsure how to apply for an extension or need assistance navigating the IRS system, our tax prep services at Sunset Finance can help guide you through the process. We'll make sure your extension is filed correctly and on time so you can avoid unnecessary stress.

Ready to get started? Contact us today, and we'll help you apply for your tax extension.

2. Filing Late: What to Expect

If you missed the deadline and haven't yet filed, it’s important to do so as soon as possible. The IRS imposes penalties for late filing, which increase the longer you wait. But don’t worry—filing your taxes, even late, is better than not filing at all.

What Happens When You File Your Taxes Late:

• Late Filing Penalty: If you don’t file your taxes on time, the IRS can charge you a penalty of 5% of your unpaid taxes for each month or part of a month your return is late, up to a maximum of 25%.
  
  
• Interest Charges: The IRS also charges interest on any unpaid taxes, and the rate is compounded daily.

Filing late might seem intimidating, but you don’t have to do it alone. Sunset Finance's tax prep services are here to help you get your taxes filed quickly and accurately, minimizing penalties and getting you back on track. We’ll ensure everything is filed properly to prevent further issues.

Need to file quickly? Let Sunset Finance assist with fast, accurate filing. Contact us now to schedule an appointment with our tax preparers.

3. Setting Up a Tax Repayment Plan

If you owe taxes, you might be wondering how to pay them. Thankfully, the IRS offers options for setting up a repayment plan, allowing you to pay your taxes over time instead of in one lump sum.

Tax Repayment Options:

• Short-Term Payment Plan: If you owe less than $100,000 in total tax, penalties, and interest, you may qualify for a short-term payment plan (up to 120 days) with no setup fee.
  
  
• Long-Term Installment Agreement: For larger amounts, the IRS offers long-term installment agreements that allow you to pay in monthly installments over a longer period.

Setting up a repayment plan can give you peace of mind, but it’s important to act quickly to avoid accumulating penalties and interest.

How Sunset Finance Can Help: 

We can help you set up a tax repayment plan that works for your budget. Our team is experienced in navigating the IRS payment options, and we can assist in submitting the necessary forms and negotiating favorable terms.

Need help with your payment plan? Contact Sunset Finance for expert assistance with your tax repayment setup.

4. Using a Personal Loan to Pay Taxes

What if you don’t have the funds to pay your taxes, even with a repayment plan? A personal installment loan could be a great solution to help cover the cost of your taxes. A personal loan offers fixed repayment options and can be used to cover tax expenses or other unexpected costs. You can use a personal loan to cover your taxes directly or to pay for other expenses that came up as a result of missing Tax Day.

How Sunset Finance Can Help:

Our personal loans are designed to help you manage expenses like taxes, medical bills, home improvements, and more. If you need fast access to funds to help cover your tax bill, we can help you find the right loan for your needs.

Ready for a personal loan? Contact us to learn more about how a personal loan from Sunset Finance can help with your taxes or other expenses.

5. Other Tips and Resources

Here are a few additional tips for dealing with missing Tax Day:

• Stay in Touch with the IRS: If you're facing financial difficulty or need more time, don't hesitate to contact the IRS. They may be able to offer you further relief, such as deferring your payments or reducing penalties.
  
  
• Seek Professional Help: If you’re overwhelmed, it may be beneficial to speak with a tax professional. Our team at Sunset Finance can provide you with personalized advice and solutions tailored to your situation.

Sunset Finance Can Help You Today

Missing Tax Day can feel overwhelming, but you don’t have to go through it alone. Whether you need to file late, apply for an extension, set up a payment plan, or secure a personal loan to cover your taxes or post tax-season expenses, Sunset Finance is here to help.

Acting quickly is key to minimizing penalties and interest, and we can guide you through every step of the process. Don't let a missed deadline derail your financial future—contact Sunset Finance today, and we’ll help you get back on track.

Ready to take the next step? Get in touch with our team today to schedule a consultation and take control of your tax situation.