Posted by BRIAN PRZYSTUP & ASSOCIATES LLC

Steps to take now if you didn't file your tax return on time

Steps to take now if you didn't file your tax return on time

Although April 15 was Tax Day, those who reside at Maine or Massachusetts have theirs extended to April 17, and all who have to file for tax didn't make it on time (you who filed for extension are still timely and therefore not considered). Those of you who couldn't make it, the question to look at is What happens next?

Find out what you need to do as the next point of action should you not have your tax return documented on time:

1. Search for a good tax preparer

Making use of a certified tax preparer will help ease you a lot. Seeing that it's just after the tax season rush, you will need someone who isn't rounding up activities without plans to show up the following year. Put a call through. Ask for referrals; look for someone you can trust. Ensure you feel relax and follow through.

2. Don’t Fret

Fretting won't get you anywhere. Many times, taxpayers out rightly freak out on a missed deadline and resolute on filling later seeing no reason to do it now. There's no need to be such a taxpayer as a later time may never come: just breath in and do the needful now. 

3. Check over again whether you needed to file initially

It is vital to be adequately informed about if you are to file a tax return every year to deal with the issue of your fret. Should your pay or other situations mean that you do not need to file, then, you are safe. Watch out: you need to document can change from year-in, and year-out so don't think that next year you won't file if you get this year a free pass. 

4. File even if you can’t pay

Many taxpayers think that if they couldn't pay, then they shouldn't bother to file. This shouldn't be as penalties can be assessed for failure to document and failure to make payment. 5% is usually charged each month or part of one month that your tax return is late and for failure to file penalty. Should you file your tax return more than sixty days after the due date, the minimum penalty is lower of $210 or 100% of the unpaid tax? So be sure not to make an unfortunate circumstance worse than it already is by default in payment and failure to file. Just go ahead and file.

5. Give heed to available extensions and relief  

It is known that taxpayers who are victims of natural disasters may need more time with no extra paperwork to document. Worthy of mention is the fact that IRS has extended tax deadlines for individuals and businesses who are victims of the March storms in Alabama. For more information, check the disaster relief page on www.IRS.gov. Some taxpayers are entitled to extra time automatically such as those who are active in the military, or out of the country.

6. Pay as much as you can

As a student some years past, I got into some financial mess and wasn’t able to make my minimum payment on my credit card. I had to visit the bank and talked to an agent about what's the next thing to do. I was advised that if all the amount couldn't be paid, then I should make payment at all. With this, I learned the hard way that she was utterly wrong. Therefore, trust my take on this: talking about your tax, pay something - anything, make payment. If fall payment can't be made at once, alternatives are available such as creating an installment plan with IRS. Ensure you don't make use of a lack of funds for an excuse.

7. Budget for next year

Just as sure as Christmas is, so is Tax Day it comes each year. Tax day begins with a lot of stress which can be avoided by consciously making a budget for it. You can plan for it by hiring a tax pro, or put up your software to follow through all your income and expenditures for the present year, or plan to buy a scanner for those receipts.

Whatever has to be done to see that you file in your return on time next year make that plans now. It will boost your ego later.  

BRIAN PRZYSTUP & ASSOCIATES LLC
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