Missed the April Tax Deadline? What to do now

COLORADO SPRINGS, Colo. (KRDO) - Colorado taxpayers who haven't filed their 2023 tax returns still have time to claim their refund. 

However, quick action is needed as late penalties have already kicked in.  

For late filers in the 'refund category', you have no penalty. All you have to do is file to get your money from the government.

On the other hand, if you owe the government money and have yet to file, a “failure to file” penalty has already begun. That penalty is upwards of 5% of the unpaid balance for each month you miss.

On top of that, there’s also a “failure to pay” penalty; both of which have interest compounding daily.

"Many times people think if I don't file, nothing bad will happen. Well, if you haven't filed and you have balance, penalties and interest start accruing right away. Quite frankly, the IRS has gotten a lot better at finding those people who haven't met their tax administrative compliance responsibilities," Mark Steber, Jackson Hewitt’s Chief Tax Information Officer said.

If and when the IRS catches you, Mark says they'll begin "collection activities" which include putting a hold on your bank accounts, property, or any future money you might be eligible for.

The Colorado Department of Revenue says Coloradans who didn’t file their state income tax returns by April 15 do receive an automatic 6-month extension.

That extension deadline of October 15th is also the next deadline for any late filer, whether you owe money or not.

For the quickest processing and how to file, Coloradans should file their income tax returns online via Revenue Online or an approved third-party vendor.

Coloradans who need to reach out to the Department of Revenue should visit Tax.Colorado.gov/contact-us.