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If You Missed The Tax Deadline These Tips Can Help

  • By Lauri Paxton
  • 16 Apr, 2015
April 15 has come and gone. If you are among those procrastinators that didn’t file, it doesn’t excuse your tax obligation.Every American taxpayer is eligible for an automatic extension, only if they ask. Asking allows you to extend the deadline, but doesn’t excuse you from any taxes owed. IRS charges a combined penalty of 5% for each month that your return is late — 4.5% for late filing, and 0.5% for late payment.
Here are some tips for taxpayers who missed the tax filing deadline:
  • If you owe taxes, you should file and pay as soon as you can. This will stop the interest and penalties that you will owe. IRS Direct Pay offers you a free, secure and easy way to pay your tax directly from your checking or savings account. There is no penalty for filing a late return if you are due a refund, however by waiting – you’re allowing the government free use of your money. The sooner you file, the sooner you’ll receive your refund.
  • Just because you can’t pay the full amount, doesn’t mean you can ignore the tax obligation. Pay as much as you can. You can also set up a payment plan that will reduce future penalties and interest.
  • Save time by using the IRS.gov tool to pay over time. If you need more time to pay your tax, you can apply for an installment agreement with the IRS. The best way to apply and set up a direct debit agreement is to use the IRS Online Payment Agreement tool. Eliminate the need to write and mail a check each month with a direct debit plan. If you don’t use the tool, you can use Form 9465, Installment Agreement Request to apply. You can get the form on IRS.gov/forms at any time.
  • A refund may be waiting. If you are 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 do not file your return within three years, you could lose your right to the refund.
Although the push for tax season is officially over, if you didn’t file a tax return or an extension but should have, you need to take action now.After all, your bill isn’t going to go away, and delaying payment will simply result in interest charges or other penalties.
Planning for next season begins now.We work with our clients monthly to help them stay on track with tax obligations and/or adjustments. When 2015 tax reporting season rolls around, our clients already know if they’ll be due a refund or need to make a payment. To learn more about how Paxton Bookkeeping and Tax Services can help take the worry out of your next tax season, contact our office at 724-359-5022.
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