What To Do When You Miss The Tax Deadline

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Although you might feel that with all of the reminders it would be difficult for anyone to miss the tax deadline, the truth is that many people do miss it each and every year. And yes, although filing late can result in some penalties, we're here to calm some of the stress you may be feeling to let you know that you still have options if the deadline has been missed:

1. File ASAP: The sooner you can file your tax return and pay (if you owe), the better. If you do wind up having taxes to pay, the less you delay, the less you may be charged in interest and in penalties.
2. Apply for an extension: If you require more time to prepare your tax return, consider applying for a tax extension. Although doing so will not give you any longer to pay what you owe, it may give you piece of mind knowing that you have some extra time to get your tax return ready.
3. Pay what you can: A common reason people struggle with the tax deadline is that they owe taxes, but can't afford to pay them all at once. When this is the case, make it a priority to pay as much as you can, as soon as you can. While you will likely still be responsible for penalty and interest charges, if you pay as much as you are comfortable paying right off the bat, it may make those penalty and interest charges not as high.
4. Ask for an installment agreement: The IRS offers something called an installment agreement for qualifying individuals who require more time to pay their taxes. To apply, start by checking out the IRS Online Payment Agreement Tool - you'll need your name, an email address, physical address, date of birth, filing status and your social security number.

Should you be owed a refund from the IRS, your best bet is to follow tip number one and file as soon as possible so that you get your refund without too much of a delay. Remember, if you do not file within three years, the refund you are entitled to may no longer be up for grabs.

At American Investment Planners LLC, we have a strong team of financial planners with experience in taxes and tax planning that are ready to help you if you have a concern about missing the tax deadline. To speak with one of our financial advisors, please give us a call at (516) 932-5130 or email info@americaninvestmentplanners.com today.