If you missed the April 15 tax deadline, the clock is already ticking on penalties and interest — but there are still steps you can take to reduce the damage.
Experts say taxpayers should file immediately, even if they can’t pay their full bill, and pay as much as they can to avoid the steepest penalties. Those who still owe can apply for a payment plan to manage the remaining balance.
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The IRS says most applicants receive immediate approval or denial when applying for a payment plan online.
“You can still file your return and at least eliminate the failure-to-file penalty, which can reach up to 25% of any tax owed, with interest compounding,” said Mark Steber, chief tax officer at Jackson Hewitt Tax Services.
The IRS can impose multiple penalties, including failure-to-file, failure-to-pay and underpayment penalties, which are assessed separately and can accrue interest daily, Steber said.
He added that consulting a tax professional early can help taxpayers navigate their options and potentially reduce the total cost.
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“In many cases, the total cost — including taxes, penalties, interest and professional fees — ends up being higher than if you had sought help earlier,” Steber said.
“The worst thing you can do is ignore the deadline,” he added. “Many people think they’ll deal with it later, but that can lead to mounting penalties and unnecessary financial risk.”
Filing as soon as possible and exploring IRS payment options can help taxpayers regain control of their situation and minimize added costs.
Steber said taxpayers should view filing as part of a long-term financial strategy, not just a once-a-year obligation.
“Your tax return is one of your largest financial transactions each year,” he said. “Giving it proper attention can pay dividends over time.”
Didn’t file your taxes on time? Here’s what a tax expert says you should do next 2026 IUSTITIA.BG – Investigations 2009-2025 2026-04-16 14:30:06 Latest news World news Country news Most important news latest news most important latest of the day Justice Petar Nizamov Feathers Petar Nizamov- Feathers Justice bg iustitia.bg iustitia iusticia usticia investigation Burgas Bulgaria news news of the last hour news of the day news of today Bulgaria news The news from Bulgaria blitz news top news most important most commented latest news Boyko Borisov news weather coronavirus news news weather facebook youtube facebook instagram news today news of the last minutes news today today news news bg news leading news hot news bg news site for news all news news bg news of the last hour latest latest news bg news of today news today news today news of the last hour latest news today news bg news news 24 hours news vesti bg novini news world bird bg bivol bg bivol trud bg novini latest news today novinite bg news hello bulgaria political party coat of arms delyan peevski scandalous Bulgarian National Television Free Europe Television scandal exclusive live tv live right now tv tv online tv program bg live now tv news online tv online live court Burgas court Burgas district court Burgas court Burgas district court Burgas district court Burgas appellate court Burgas prosecutor Burgas prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Prosecutor General Ivan Geshev Prosecutor Geshev Tsatsarov Ministry of Internal Affairs Burgas ODMR Burgas ODPR Burgas police Burgas district police Burgas prosecutor Tsatsarov SGS cases Varna court chairman of the SGS court decisions on civil cases decisions on cases Plovdiv court decision of the court decisions cases Varna court criminal cases district district court decisions work in the court SGS chairman of the SGS judges Sofia court post judges Plovdiv court Plovdiv judges Plovdiv Supreme Court Inspectorate Supreme Court Supreme Judicial Council lawyer lawyer criminal cases lawyer civil cases lawyer marriage cases lawyer administrative criminal law criminal process civil law civil process administrative law constitutional law
