Missing Tax Filing Deadline

What should you do if you miss the tax filing deadline?

The IRS has some tips for taxpayers who missed the deadline for filing taxes.

  • File as soon as possible. If you have to pay federal income taxes, you must file and pay as soon as possible to reduce penalties and interest. There is no penalty for filing a late if you are due a refund. This tip cannot be repeated enough, file as soon as possible to reduce any fines and penalties you may owe.
  • You may owe penalties and interest. If missed the April 15 deadline, you may have to pay penalties and interest. The IRS may charge penalties for late filing and for late payment. In general, the law does not allow the exemption of interest payments. However, the IRS will consider a reduction of these fines if you can show reasonable cause for filing late. It is best to document everything and have an explanation.
  • E-file is your best choice. IRS e-file  options are available until October 15. E-file is the safest and most accurate way to file taxes. With e-file, you will receive confirmation that the IRS has received your tax return. If you use e-file to get a refund, the IRS normally will ship within 21 days.
  • Free File is still available. Everyone can use IRS Free File. If your income is $ 57,000 or less, you qualify to e-file your return through the free software program. If you entered more than $ 57,000 and feel comfortable preparing your own tax return, use the Free File Fillable Forms.This program uses the electronic versions of IRS paper forms. IRS Free File is available only through IRS.gov and is highly recommended. Certain tax software programs may also have options for free extended deadline tax filing options.
  • Pay as much as you can. If you owe taxes but can not pay in full, you should pay as much as possible when filing taxes. Pay the balance due as soon as possible to reduce the penalties and interest charges.
  • Payments Term Agreements are available. If you need more time to pay your federal income taxes, you may request a payment agreement with the IRS term. Apply online using the Electronic Application Tool for Payment Agreement Term IRS or file Form 9465, Application for Payment Agreement.
  • Refunds may be waiting.   If you are due a refund, you should file as soon as possible. Even if you are not required to file, you may be entitled to a refund. This could apply if you have taxes withheld from their wages, or if you qualify for certain tax credits. If you do not file your tax return within three years, you may lose your right to a refund.