Requesting An Extension Of Time For Filing A Return
Revised Statute 47:103 allows a six-month extension of time to file the individual income tax return to be granted on request. The extension request must be made before the state tax filing due date, which is May 15th for calendar year filers or the 15th day of the fifth month after the close of a fiscal year.
The five options for requesting an extension are as follows:
An extension does not allow an extension of time to pay the tax due. Payments received after the return due date will be charged interest and late payment penalty.
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The above article is intended to provide generalized financial information designed to educate a broad segment of the public it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
Resident Individual Income Tax
Resident taxpayers who are required to file a federal individual income tax return are required to file a Louisiana income tax return,IT-540, reporting all of their income. If a Louisiana resident earns income in another state, that income is also taxable by Louisiana. A temporary absence from Louisiana does not automatically change your domicile for individual income tax purposes. As a resident taxpayer, you are allowed a credit on Schedule G for the net tax liability paid to another state if that income is included on the Louisiana return.
Residents may be allowed a deduction from taxable income of certain income items considered exempt by Louisiana law. For example, Louisiana residents who are members of the armed services and who were stationed outside the state on active duty for 120 or more consecutive days are entitled to a deduction of up to $30,000. In each case, the amount of income subject to a deduction must be included on the Louisiana resident return before the deduction can be allowed.
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What If I Did Not File My State Taxes
OVERVIEW
As of 2021, the only states that do not charge a state income tax are Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming. If you live or earn money in one of the other 41 states or the District of Columbia, you may need to file a state income tax return by the filing deadline. It is a separate and independent requirement from filing your federal tax return and failure to file it on time may result in interest and penalty charges.
For information on the third coronavirus relief package, please visit our American Rescue Plan: What Does it Mean for You and a Third Stimulus Check blog post.
Ways To File Back Taxes
If you miss Tax Day and need to file your taxes late for the current year, you can still e-file your return until November. The IRS announces in October when exactly it will stop accepting e-filed returns for that tax year. So if youâre filing 2020 taxes but miss filing by May 17, 2021, you had until November 2021 to e-file.
If youâre filing a federal tax return from a previous year, you may need to mail a physical copy of your tax return to the IRS. You may be able to e-file your back taxes, but this is only available for certain tax years and through certain online tax-filing services.
There are three ways you can complete your back taxes.
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How To File Unfiled Tax Returns
In most cases, if you didnt file a previous years tax return, you can do it retroactively. Although often more cumbersome, you can prepare and submit most state tax returns late.
There are many consequences to not filing federal and state tax returns when you are required or you have a balance owed. The consequences vary based on how long since you last filed taxes. In most cases, filing a tax return is usually in your best interests. Here are the steps to file back taxes or deal with unfiled returns.
Can I Still Get A Refund From Filing Back Taxes
If the IRS owed you a tax refund any year, you need to file your return within three years of the original due date or you forfeit your refund. If you had filed for a tax extension that year, your due date was likely October 15.
The three-year deadline also applies to individuals who would have gotten a refund only because of certain tax credits, like the earned income tax credit.
If you need to file a tax return for multiple years, the IRS may also withhold all of your refunds until you file all of your back taxes.
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How Many Years Can You File Back Taxes For
If the IRS owes you a refund, you have 3 years to file a return and claim your money. Otherwise, the IRS will let you go back as far as 6 years to file missing returns. You can go back further if necessary, but doing so requires approval from an IRS manager.
Note that although the IRS generally doesnt go back further than 3 to 6 years, skipping a tax filing and waiting for it to get old enough to go away isnt a viable solution to tax problems. The IRS doesnt make it a point to go back more than a few years, but they can go back as far as they like if they suspect fraud.
Taking care of old tax problems is a smart move, but it can be a complicated one. Getting all the old forms and instructions right can be tricky, as can determining the best payment plan for your situation, if applicable.
The professionals at Picnic Tax are ready and able to help you navigate the rules for dealing with back taxes and a past due return. Well help you complete your return, file it and devise a way to work out payments with the IRS if necessary.
The task at hand may seem daunting, but with a little patience and help from us, you can get back on track and stop worrying about your overdue taxes or returns. Sign up today and get help from knowledgeable professionals who will help you without judging your past tax mistakes.
General Information About Individual Income Tax Electronic Filing
Filing electronically is a fast growing alternative to mailing paper returns. The Missouri Department of Revenue received more than 2.8 million electronically filed returns in 2021. Convenience, accuracy, and the ability to direct deposit your refund are just a few of the reasons why electronic filing is becoming one of the Department’s most popular filing methods.
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Where Can You Get Help With Preparing Your Tax Returns
Filing an amended tax return can be complicated. One wrong figure or adding a piece of information to the wrong section can completely invalidate your tax return. If this happens too close to the deadline it could cost you a few hundred dollars in lost credits.
There are lots of tax preparation websites that will help you with claiming EITC. Some of these sites also possess specialists who will help you with determining whether you can claim back EITC from previous years.
You can also visit a professional tax return preparer. These tax return preparers will ask you about your previous tax returns and show you what you can do to potentially claim EITC from previous years. Keep in mind that they will come at a cost, so you need to take a cursory look at your own financial affairs to ensure that this course of action is worth it.
If Youre Trying To See How Long Can You Go Without Filing A Tax Return
Its a risky proposition. While the government usually has just six years to charge you with criminal tax evasion, it has forever to collect the taxes you owe and assess penalties. In addition to the failure-to-file penalty, these things could happen to you when the IRS catches up to you:
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Failure-to-pay penalty: If you dont pay the taxes you owe by the deadline, the IRS can penalize you 0.5% of the unpaid balance every month, up to a total of 25%.
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Interest: On top of the failure-to-pay penalty, interest accrues on your unpaid taxes.
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A substitute return: If you fail to file but the IRS has some information needed to calculate your taxes, such as your W-2 form, you may be notified by mail that it has filed a return on your behalf. It wont consider the tax credits, deductions or other tax breaks you may have taken if youd done your taxes.
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Lost refunds: You may be missing out on money youre owed. In most cases, the IRS gives you a three-year window to file previous years returns. Once this window closes, you forfeit your tax refund.
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Request Tax Documents From The Irs
Finding documents from previous years may be challenging for some. Thankfully, the IRS has a form you can fill out to request any tax information they have on file for you for a given year. Form 4506-T allows you to request a transcript of your tax return information, even if you havent filed a tax return. You can request information from the last 10 tax years.
The IRS will send the information it has on record, including information found on forms such as W-2s, 1099s, and 1098s. It wont have information about deductions and credits you may qualify for, though, so youll still need to do some work on your own.
File Prior Year Taxes
Even though the deadline has passed, you can still prepare taxes for prior years. Many people who file late tax returns have refunds waiting for them. We’ll help you prepare and mail your federal and state tax returns.
Our software can prepare 2015, 2016, 2017, 2018, 2019, 2020, and 2021 tax returns.
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If You Owe More Than You Can Pay
If you cannot pay what you owe, you can request an additional 60-120 days to pay your account in full through the Online Payment Agreement application or by calling no user fee will be charged. If you need more time to pay, you can request an installment agreement or you may qualify for an offer in compromise.
Get A Transcript Of A Tax Return
A transcript is a computer printout of your return information. Sometimes a transcript is an acceptable substitute for an exact copy of your tax return. You may need a transcript when preparing your taxes. They are often used to verify income and tax filing status when applying for loans and government benefits.
Contact the IRS to get a free transcript . There are two ways you can get your transcript:
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Online – To read, print, or download your transcript online, you’ll need to register at IRS.gov. To sign-up, create an account with a username and a password.
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What Happens If I Dont File
If you donât file a tax return, the IRS may file one for you. That might sound convenient, but an IRS-filed return likely wonât work out in your favor.
When the IRS files for you, itâs known as a Substitute for Return . The problem with an SFR is that the IRS uses the information it has available, which is primarily related to your income, such as W-2s and 1099s. The IRS typically doesnât have information about deductible business expenses, charitable donations, and other tax write-offs, so those arenât included on your SFR.
As a result, itâs almost guaranteed that youâll owe more with an SFR than you would if you filed a return that includes all of your available deductions and tax credits.
Plus, the longer you go without filing, the more your interest and penalties will pile up. Those penalties can include:
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Failure to File Penalty. This penalty is 5% of your unpaid taxes for each month or part of a month that your return is late, capped at 25% of your unpaid balance.
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Failure to Pay Penalty. This penalty is 0.5% of your unpaid taxes for each month or part of a month that your tax liability remains unpaid. If both the Failure to File and Failure to Pay penalties apply to the same month, the IRS will apply a combined penalty of 5%.
If your tax return is more than 60 days late, the minimum Failure to File Penalty is $435, or 100% of the tax due, whichever is less.
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Mail Or Electronically File Your Completed Return
If you use online tax software or work with a tax professional, you may be able to file a late tax return electronically. The IRSâs Modernized e-File system allows authorized e-file providers to e-file returns for the current year and two previous tax years. Just keep in mind that e-filing isnât available during the IRSâs annual maintenance period, which runs from late November until mid-January each year.
If you canât e-file back tax returns, youâll need to mail them to the IRS. Print out the forms and mail them to the address listed in the formâs instructions. Mailing addresses can also change from time to time, so be sure you get the address from the instructions for the right tax year.
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Next Steps: Plan Ahead For Next Year
Filing accurate tax returns by the filing deadline and paying all the tax you owe on time goes a long way to help you avoid problems with the IRS. Dont wait to clear up your back taxes before getting a jump start on this years tax return.
Start a file for all your tax documents, such as income statements from your employer, interest statements from your bank or receipts for deductible expenses you hope to itemize. Having everything in one place will be helpful when its time to prepare your return.
You can use the IRS Tax Withholding Estimator to help ensure youre having the right amount of tax withheld from your paycheck. If you have too little withheld throughout the year, you could face a tax bill when you file next year. And if you withhold more than necessary, you could get a refund next year.
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Get Your State Taxes Done In No Time
Priortax can help you. All you need to do is create an account, enter your tax information, submit it to us and we will provide you with your state form in which you have to print, sign and mail to your state department of revenue. Its that simple.
Tags: late state tax return, prior year state taxes, state tax return, state taxes
This entry was postedon Tuesday, May 7th, 2013 at 3:56 pmand is filed under Taxes for Prior Years.You can follow any responses to this entry through the RSS 2.0 feed.You can leave a response, or trackback from your own site.
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When To File Your Return
If you file your return on a calendar year basis, the 2020 return is due on or before . A fiscal year return is due on the 15th day of the 4th month following the end of the taxable year. When the due date falls on a Saturday, Sunday, or holiday, the return is due on or before the next business day. A fiscal year return should be filed on a tax form for the year in which the fiscal year begins. For example, a 2020 tax form should be used for a fiscal year beginning in 2020. See Directive TA-16-1, When a North Carolina Tax Return or Other Document is Considered Timely Filed or a Tax is Considered Timely Paid if the Due Date Falls on a Saturday, Sunday, or Legal Holiday.
Out of the Country: If you are out of the country on the original due date of the return, you are granted an automatic four month extension to file your North Carolina individual income tax return if you fill in the “Out of Country” circle on Page 1 of Form D-400. “Out of the Country” means you live outside the United States and Puerto Rico and your main place of work is outside the United States and Puerto Rico, or you are in military service outside the United States and Puerto Rico. The time for payment of the tax is also extended however, interest is due on any unpaid tax from the original due date of the return until the tax is paid.
Nonresident Aliens: Nonresident aliens are required to file returns at the same time they are required to file their federal returns.
