How to File Late Taxes

The federal tax return filing deadline for the 2021 tax year was April 18, 2022. If you missed this deadline and did not already apply for an extension, it’s critical to file your taxes as soon as possible to avoid potential penalties.

Why File for an Extension?

If you are delaying filing your tax return because you owe the IRS more than you can afford, you should know that failing to file your taxes on time can further increase your financial woes. The agency can impose late filing penalties for each month you delay, up to a maximum of 25% of the total amount due.

An extension automatically pushes back the tax filing deadline six months and protects you from being penalized. However, having extra time to file your return does not mean you have the luxury of six additional months to pay any amount due to the IRS. People who owe money must still calculate how much and pay it with Form 4868. Once you complete that step, the IRS will automatically grant your request for an extension.

What If You’re Due to Receive a Tax Refund?

The picture changes somewhat if the IRS owes you a refund. In that case, there is no penalty for failing to file your federal tax return on time, even if you don’t ask for an extension. However, this might not be the case for state income taxes, so check with a knowledgeable accountant.

There’s still an excellent reason to file a federal tax return if you know you have a refund coming – you can’t get your money back until you do. The sooner you file, the sooner you’ll get that extra money in the bank.  

Can You Get Extra Time to Pay Your Taxes?

In some extenuating circumstances, you can file an extension request to pay your taxes with the IRS, but the requirements are stringent. You must:

  • Complete and send Form 1127 to the IRS on or before the date that the tax is due.
  • Provide a detailed statement of all your assets and liabilities at the end of the previous month, plus an itemized list of money you received and spent for the three months immediately before sending in the extension to pay request.
  • Offer proof that paying the amount you owe would represent an excessive hardship.
  • Demonstrate that paying your taxes would result in a considerable financial loss and that you don’t have the money to make up the difference by taking out a loan or selling your belongings.

Before approving an extension of time to pay request, the IRS also requires some acceptable form of security, such as a bond, notice of lien, mortgage or other means, depending on your specific situation.

Get Expert Assistance Filing Late Taxes

If you missed the April 18 deadline for filing your 2021 federal tax return and need help getting it done, our team is here for you. We know small business accounting and bookkeeping can be challenging, and falling behind on your taxes is a stressor you don’t need. Fortunately, our tax services can guide you to solutions that minimize your liability with the IRS. Call us at 520-544-0177 to schedule a consultation today!

Clarity not complexity.

At Clear View Business Solutions, we know you want your business to prosper without having to worry about whether you are paying more in taxes than you should or whether your business is set up correctly. The problem is it's hard to find a trusted advisor who can translate financial jargon to layman's terms and who can actually help you plan for better results.

We believe it doesn't have to be this way! No business owner should settle for working with a CPA firm that falls short of understanding what you want to achieve and how to help you get there.

Clear View Business Solutions is a Tucson-area small business financial advisory, tax services, accounting and bookkeeping firm that can help you ensure your business and financial success.
Locations

Northwest Location:

7530 N. La Cholla Blvd., Tucson, AZ 85741

Central Location:

2929 N Campbell Avenue, Tucson, AZ 85719

Contact Us

Phone:

520-544-0177

Follow Us

© 2025 Clear View Business Solutions. All Rights Reserved.

Clarity not complexity.

At Clear View Business Solutions, we know you want your business to prosper without having to worry about whether you are paying more in taxes than you should or whether your business is set up correctly. The problem is it's hard to find a trusted advisor who can translate financial jargon to layman's terms and who can actually help you plan for better results.

We believe it doesn't have to be this way! No business owner should settle for working with a CPA firm that falls short of understanding what you want to achieve and how to help you get there. With over 20 years of experience serving hundreds of business owners like you, our team of experts combines financial expertise and proactive communication with our drive to help each client achieve results and have fun along the way.

Here's how we do it:

Discover: We start with a consultation to understand your specific goals, what's holding you back, and what success looks like for you.
Strategize & Optimize: Together, we design a customized strategy that empowers you to progress toward your goals, and we optimize our communication as partners.
Thrive: You enjoy a clear view of your business and your financial prosperity.


Schedule a consultation today, and take the first step toward being able to focus on your core business again without wondering if your numbers are right- or what they mean to your business.

In the meantime, download, "The Business Owner's Essential Guide to Tax Deductions" and make sure you aren't leaving money on the table.