ARKANSAS, USA — The deadline to file taxes or request an extension was Monday, April 15.
If time got away from you this year and you missed the tax filing deadline, don’t panic. It’s not too late to take action, and the sooner you do, the better.
Scott Hardin with the Arkansas Department of Finance and Administration (DFA) said if you haven’t filed yet, the best thing to do is act now, and the worst thing you can do is put it off longer.
When it comes to filing late, penalty and interest accrue every month until the return is filed and the tax is paid. The sooner you get it taken care of, the less penalty you will owe.
If you missed the deadline, Hardin encourages you to contact the DFA for assistance.
“Sometimes I think [people] think the best route is just don't take any action, and that's not the case,” Hardin said. “You can still get your return filed; you can still pick up the phone and call us. We understand. We deal with this all day, every day. We have to file our own taxes here. Pick up the phone and call us. Let's work through it. Just don't sit on it and not take any action.”
If you do have to pay a late fee, Hardin said it likely won’t be major if you take care of it now.
“I think Arkansans would be surprised [that] it's not going to be anything that's going to shake their world,” Hardin said. “Obviously, there will be a little penalty there, but again, call us. Talk to us. Work with us … Life happens. Don't let it stop you from filing, even if it's this time next week.”
Hardin said a failure to file penalty is generally 5% of tax owed for each month you’re late. If you file on time but don’t pay on time, the failure to pay penalty is 1% of the unpaid taxes per month. The total combined penalties for failure to file and failure to pay cannot exceed a maximum of 35%.
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