If you still haven't filed your taxes, here's how to do it and what will happen

Mariyam Muhammad and Daniel de Visé, Columbus Dispatch
·2 min read

The deadline to file your taxes, April 15, was about a month ago. Did you file them?

If you haven’t yet, there’s some slightly good news. You still can file your taxes. But because it’s late, there are some consequences.

Here’s what will happen and how to file them with the IRS.

Penalties and other fees for delayed tax filing

If you don't file your tax return by the due date, The Failure to File penalty will apply, according to the IRS. The penalty you must pay is a percentage of the taxes you didn't pay on time.

The penalty is 5% of your unpaid balance per month or partial month, but will not exceed 25% of your unpaid balance.

In addition, the IRS charges interest when it is late. Interest is based on the current rates.

Bottom line: The longer you wait, the more the fees will build.

It’s been more than a month. Don’t keep procrastinating. File an accurate return as soon as possible.

How to file your taxes, even if it’s late

Anyone who earned at least $13,850 in gross income in 2023 must file a tax return in 2024.

If you filed an extension, it gives you more time to file your paperwork, not more time for payment.

If you determine that you need to file a return, start pulling together the documents you’ll need to complete it:

W-2: If you have a job, this is the form the employer must send you by the end of January. It says how much money you earned last year, and how much tax was withheld.

1099s: These forms report income that didn’t come directly from a traditional employer. They show earnings from freelance or “gig” pay; interest and dividend income; and income from third-party platforms such as Venmo and PayPal.

Receipts: If you’re a first-time taxpayer, you will need to start keeping records of transactions that you might have to report on a tax form, including income, expenses, and potential deductions. Examples might include donations to charity or a whopping medical bill.

In addition, figure out if you can claim someone as a dependent and if you qualify for deductions or credits.

Is this your first time filing for taxes? You’ll need to choose whether to do your taxes on your own or hire a professional.

If you go the do-it-yourself route, you may be able to save money and complete the return quickly using tax software or the IRS Free File program found on their website.

Thinking of hiring a tax professional? Is it better to pay someone to do your taxes or do them yourself? We'll help you decide.

This article originally appeared on Cincinnati Enquirer: How to file your taxes, what will happen even though they're a month late