You might be panicking if you missed the tax filing deadline, especially if you owe money. While IRS agents won’t knock on your door or seize your bank account because you didn’t finish your tax preparations on time, failing to file does carry penalties that could cost you in the long run if you don’t deal with them immediately. If you haven’t submitted your tax returns yet, the steps below can help minimize your expenses and keep you out of trouble with the IRS.

3 Steps to Take if You Missed the Tax Deadline

1. File Your Returns

If the IRS owes you a tax refund, there’s no penalty for filing late. You’ll still get your money if you missed the deadline. However, if do have an outstanding tax bill, the IRS will assess a monthly penalty of 5% of your debt, up to a maximum of 25%. Consult with a tax preparation expert if you need to make sure that your returns are ready to send out. Even if you can’t afford to pay right away, filing your returns now will ensure that your penalty stays as low as possible.

2. Set Up an Installment Plan

If you can’t pay your balance all at once, setting up an installment plan allows you to spread out payments and prevent collections activities. Since this process can be complex and confusing, having a tax preparation professional handle the paperwork will prevent mistakes and increase your chances of success.

3. File Online

Taxpayers who send in paper returns run the risk of having their documents lost in transit. But even if they arrive on time it could take weeks for the IRS to digitize and process the documents. To eliminate mistakes and get your returns in as quickly as possible, use the IRS’s e-file service or have your tax preparation professional do it for you.
 

If the filing deadline caught you off guard, ZP Tax, Inc. has the tools and experience to help get your returns in as quickly as possible. Their team of experienced professionals proudly deliver fast, accurate service to English- and Spanish-speaking customers throughout Silver Springs, MD, and the surrounding areas. Visit their website to learn more about their tax preparation services and to get in touch, or call (301) 587-4829 to make an appointment today.