Posted by Michelson Law Office

What to do now if you didn't file on time

What to do now if you didn't file on time

Deferring tax submissions is easy. Life is full of places and things to do. Finding time to organize tax information and complete the tax return may seem difficult.

If you are like many people, it is not difficult to find reasons to delay everything you need to do, including paying taxes.

If you wait excessively long and do not meet the deadline of April, you can ask to abandon the presentation altogether. In this case, the time is better than ever and the presentation, even if the term has been approved, is the best way to go.

When should taxes be presented?

The tax day is April 15 of each year, unless that day falls on a weekend. In this case, the expiry date is postponed until the following Monday. If you register an extension, taxes will expire on October 15th. If October 15th is a weekend, the deadline is the Monday following the weekend.

What if I miss the tax deadline?

If tax conditions are not met, the IRS will continue to add fines and charge interest until the amount is paid. The good news is that they will accept a refund three years after the deadline. So even if you do not meet the deadline of a week or a month, you can do it.

Here's what you should do if you did not file your tax return on time:

Do not panic. It will not get you anywhere. Taxpayers often fear delays and decide that it makes no sense to archive them now and choose to fix them later. Do not be the taxpayer. More then, it may not come: breathe profoundly and correct it now.

Go ahead and file anyway

Report taxes, even if they are due. If you have not requested an extension, but you should receive a refund, there is no penalty for late mailing. However, the application must be sent as soon as possible: in cases where a return is not filed, most people are entitled to three years to claim the refund before the money becomes the property of the US Treasury.

The scenario changes if you do not ask for an extension, but you have to make money. You could be fined if you do not make a profit that can cost you 5% of your total bill each month that is not paid after the deadline, up to 25% of the amount due.

If your bill is not paid, it could damage your credit score or lead to criminal action. So, enter as soon as possible, even if you cannot afford it.

Use the free file: If you do not know where to look for modules or software, do not use them as an excuse. For qualified taxpayers - and the Internal Revenue Service (IRS) estimates that about 70% of taxpayers are qualified - A free file is available from October 15th. The free file allows taxpayers to prepare and return the electronic file for free.

Pay attention to the extensions and results available. Taxpayers affected by natural disasters may have more time without having to submit additional documents. In particular, the IRS has extended deadlines for individuals and businesses affected in parts of Alabama after the March storms. For more details, see the Emergency Assistance page on the IRS website. Also, some other taxpayers are automatically entitled to more time, including those who are abroad or who work in the military.

The best time is now, even if you cannot afford it

Some people avoid filing because they cannot pay the tax bill. However, you must always submit it on time, even if you cannot pay all taxes due. If you wait, you will face a late penalty, which is just another thing you have to pay. The fine for non-performance is 5% per month, depending on the amount of taxes due.

If you cannot pay your tax bill quickly, the IRS has rate plans. Approval of a repayment plan is automatic if you owe $ 25,000 or less, you can prove that you cannot pay the amount owing when it is due and that you can pay the tax in three years or less. Also, you or your spouse has not reached a settlement with the IRS in the last five years.

Find a good tax preparer: You can significantly improve stress by using a good tax preparer. Since it's just after the tax season, you want someone who does not close the store tomorrow without planning to reappear until next year. Find someone you trust. Make sure you feel comfortable. And then continue.

Pay as much as you can: a few years ago when I was a student, I had financial problems, and I could not pay the minimum payment on my credit card. I went to the bank (in the past, people were still doing it) to talk to a representative about the process. He said that if he could not pay the full amount, he would not have to pay anything. I discovered he was wrong. So, concerning your taxes, if you can pay anything, make a payment. If you cannot pay at the same time, there are alternatives, including establishing a payment agreement with the IRS. But do not use the lack of funds as an excuse to do nothing.

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