While tax preparation can be time-consuming, neglecting to file can lead to financial harm, including costly fines and penalties. Fortunately, if you’re filing late, there are steps you can take to fix the situation. Here’s how you can get started. 

3 Steps to Take If You’re Filing Taxes Late

1. Gather Any Information You Have

To get started on your tax preparations, find any W-2s and the previous year’s returns. If you’re missing any items, contact your employers to see if you can get new copies. You can also go to the IRS directly. Keep in mind that this can take some time—even weeks—delaying your return even further. Once you have all the necessary documents, file your taxes as soon as possible to avoid even more late fees. 

2. Be Prepared to Start Paying Your Debts

You’ll need to pay back any taxes you owe along with any penalties. Have a plan in place to pay back your taxes as quickly as possible. For example, set aside money from each paycheck to cover the bill. The IRS will usually allow you to pay back taxes in installments, which will make the process easier. However, keep up with the payment plan, as you could face even more penalties if you don’t. 

3. Plan for Next Year

To ensure you don’t file late again, have all the documents and information you need to file ready for the upcoming tax year. Ask your employer for any tax forms as soon as they’re available. If you plan to claim deductions, collect any receipts, and place them in a filing cabinet. If you’re concerned about filing late again, work with a tax preparation specialist. They will work with you to ensure you file on time.  

When you need a reliable tax preparation expert, contact Bergamo Tax & Financial Solutions. Located in Litchfield County, CT, these skilled accountants have a passion for helping their clients. They can help you if you’re being audited or filing late. Call (860) 274-1655 to schedule a consultation, or visit them online to learn more about their services.