MIAMI VALLEY — The deadline to file your taxes for the 2021 tax year is today, and recent IRS statistics show over 100 million people have yet to file theirs.
Typically each year, the IRS receives 160 million tax returns.
If you miss the deadline to file, there are consequences. We spoke to a local expert about what those consequences exactly are.
Ellen Sanderson, the owner of Sanderson Accounting, said the failure to file something, including an extension, could result in a penalty.
>>Tax Day laggards: Consider filing for extension if in a rush
“The failure to file penalty is like a half a percent per month. Whereas the failure to file something, including an extension, is like 5 percent per month up to a total of 25 percent. Yeah, I mean, that’s pretty rough,” said Sanderson.
Once you do file your taxes, it may be a while before you see a return from the IRS.
The IRS says it is backlogged, understaffed, and only about 20% of callers getting through to agents. They also say the agency is still filing more than 3 million tax returns from 2021.
The agency recommends you file electronically and use direct deposit.