April 15th has come and gone and for most taxpayers, their tax returns or extensions have been prepared and filed. But what if you just didn’t make the April 15th deadline because you were on vacation, car broke down or the post office was closed when you got there. Don’t sweat. Even through there may be penalties and interest, you should:
File your return as soon as possible.
If you have penalties and interest, the IRS and States may reduce your penalties depending on the situation which caused the tax return to be filed late. The IRS and States for the most part can not waive the interest.
To get your return filed as soon as you can, you should E-File the return instead of mailing a paper copy to the IRS. If your income is below $57,000 you can use the Free E-file on the IRS website to prepare and file your tax return for free.
If you owe additional taxes, send a tax payment to cover the additional taxes due. If you don’t have the money to pay the additional taxes due, send what you can and/or complete the installment agreement request Form 9465. Additional penalties and interest will continue to accrual on the account until your tax liability is completely form
Last but not least, you may have a refund waiting you to file your tax return.
Missing the tax deadline isn’t as bad. The most important thing to remember is to send in your tax return as soon as possible if you don’t have an extension in place. The worst thing you can do is ignore the IRS and not send in your tax whether you owe additional taxes or expect a refund.
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