In life, some of us are better at deadlines than others. And while some deadlines are more important than others, like your tax return deadlines, sometimes you just don't make it to the wire. Whether it be because you didn't have all your necessary paperwork in time or you simply procrastinated, if you missed the tax deadline, this is what you need to do.
File as soon as possible.
If you know you're going to owe taxes, get your return in as soon as you can to avoid more late fees. If you know you were going to get a refund, you won't be charged a late fee. The IRS will just accept your lack of a return as a donation of your money.
Use the IRS’ Free File.
If your income was less than $64,000, you can file your taxes with the IRS for free. If your income was more than $64,000, you can use Free File Fillable Forms. Even if you missed the deadline, you can file using options from IRS.gov through October 16th.
Use e-file.
Once your return has been prepared, submitted through IRS e-file for the quickest results. The IRS will let you know once they have your return, and typically, you can see a refund within 21 days of submitting it.
Pay as much as you can as soon as you can.
If you know you owe the IRS money, even if you can’t pay everything in full, pay back as much as you can when you file your return to avoid further or greater penalties. You can then set up payment plans to pay off the rest.
Let the team at American Investment Planners LLC been your resource this tax season. We have experienced many of the same situations our clients have, so we know exactly what solutions to offer. For more information about our tax planning services, please visit us on our website or give us a call at (516) 932-5130.
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