Tips for Taxpayers Who Missed the Tax Deadline

Here are some tips for those of you who missed the Tax Filing Deadline.....

1. File as soon as possible.  If you owe federal or state income tax, you should file and pay as soon as you can to minimize any penalty and interest charges. There is no penalty for filing a late return if you are due a refund.
2. Penalties and interest may be due.  If you missed the deadline, you may have to pay penalties and interest. The IRS and your state may charge penalties for late filing and for late payment.
3. E-file is still your best option.  You can e-file through November. E-file is the easiest, fastest, safest and most accurate way to file.
4. Pay as much as you can.  If you owe tax but can’t pay it all at once, you should pay as much as you can when you file your tax return. Pay the remaining balance due as soon as possible to minimize penalties and interest charges.
5. Installment Agreements are available.  If you need more time to pay your federal and/or state income taxes, you can request a payment agreement. Contact me if you would like information on how to do this.
6. Refunds may be waiting.  If you’re due a refund, you should file as soon as possible to get it. Even if you are not required to file, you may be entitled to 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.