If you
missed the April 15 tax filing deadline, don’t panic. Here’s some advice for
you .
1.
File as soon as you can. If you owe taxes, you should file and pay
as soon as you can. This will help minimize the interest and penalty charges.
There is no penalty for filing a late return if you are due a refund.
2. IRS
Free File is your best option. Everyone can use IRS Free file to e-file their federal taxes for
free. If your income was $58,000 or less, you can use free brand-name software.
If you made more than $58,000 and are comfortable preparing your own tax
return, use Free File Fillable Forms to e-file. This program uses the
electronic versions of paper IRS forms. IRS Free File is available through Oct.
15 only through IRS.gov.
3.
IRS E-file is still
available. IRS
e-file is available through Oct.
15. E-file is the easiest, safest and most accurate way to file your taxes.
With e-file you receive confirmation that the IRS received your tax return. If
you e-file and choose direct deposit of your refund, you’ll normally get it
within 21 days.
4. 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.
5. Make a
payment agreement online. If you need more time to pay your taxes,
you can apply for a payment plan with the IRS. The easiest way to apply is to
use the IRS Online Payment Agreement
tool. You can also mail Form 9465,
Installment Agreement Request. The tool and form are both available on IRS.gov.
6. A
refund 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 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.
Iddi Sandaly, CPA , MBA
Seruwage Consulting and CPAs
www.seruwagecpas.com
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