If you missed the April 15 tax filing deadline, here are ten things you should consider:
- If you are due a refund, you should file as soon as possible to get it. Even if you are not required to file, you may still get a refund. This could apply if you had taxes withheld from your wages or you qualify for certain tax credits. If you don’t file your return within three years, you could forfeit your right to the refund.
- There is no penalty for filing a late return if you are due a refund.
- There is a penalty for filing a late return and a separate penalty for paying late and interest assessed on late paid taxes. These penalties and interest assessments are based on the amount of additional tax owed and the amount of time that passes until the tax return is filed and the tax is paid.
- File as soon as you can. If you owe additional tax but have not filed your tax return yet, you should file and pay as soon as you can. This will help minimize those interest and penalty charges.
- Pay as much as you can. If you owe tax but can’t pay it all at once, try to pay as much as you can when you file your tax return. Pay the remaining balance as soon as possible to stop further penalties and interest.
- Make a payment agreement online. If you need more time to pay your taxes, you should still file the tax return and then you can apply for a payment plan with the IRS.
- The easiest way to apply for more time to pay your tax is to use the IRS Online Payment Agreement tool.
- Another option to obtain more time to pay your tax is by mail using Form 9465, Installment Agreement Request.
- Electronic Payment Options Home Page information available from the IRS is a source of information on paying your taxes electronically.
- Tax Topic 202 – Tax Payment Options Information and Make a Payment information are links to two sources of information from the IRS to explain the various federal tax payment plan options in more detail.
DISCLAIMER: This information is extracted with permission from IRS regulations and publications. It is general in nature and the specifics of each taxpayer’s circumstances must be interpreted in determining the applicability of the tax. We therefore are not responsible for the application of this general information to the specific circumstances of a reader unless we have been engaged as the reader’s tax preparer or consultant.
Is it time to get help for your tax return? If so, you may make an appointment with one of our Directors of Audit and Tax Services by reference to the CONTACTS page above. Standard rates and terms for service will apply. New clients may be required to pay a retainer.