Your intentions were to complete your income tax return on time. Unfortunately, work, taking care of a busy household, or overseeing a business got in the way. The encouraging news is that you can still submit your returns even if the April deadline has long passed. Here are several tips for getting back on track with the IRS and state tax authorities.

3 Steps to Take After Missing a Tax Filing Deadline

1. File Immediately

It’s never too late to send in your tax returns. The sooner you submit them, the less time for penalties and interest to accrue if you owe taxes. Consider electronically filing, which will get your return to the IRS faster as compared to regular mail. If you don’t owe taxes but are expecting a refund, you won’t be penalized for missing the April deadline. However, if you live in a state that requires filing state tax returns, the late submission rules may vary if you’re receiving a refund. 

2. Arrange Installment Payments

Perhaps you missed the filing deadline because you couldn’t afford to pay the entire amount of taxes due. You can request an installment agreement from the IRS to have payments directly deducted from your checking account. There’s also the option of sending in payments through the regular mail. To apply for the installment arrangement, complete IRS Form 9465 and submit it along with your completed tax return, and send it in as soon as possible. 

3. Pay as Much as You Can

If you owe taxes and didn’t submit your tax return by the April deadline, pay as much as you can. The IRS will assess a 0.5% late payment penalty each month until the tax balance is paid in full. The maximum late payment penalty the agency charges is 25% of the amount owed. Keep in mind that interest will also be tacked on to your outstanding balance as of April.

Since 1997, US Tax Express in Charlotte, NC, has helped individuals and business owners by providing affordable and professional tax preparation services. The locally-owned agency takes pride in offering top-notch customer service, year-around accessibility, and impeccable detail to accurate and compliant tax returns. To learn how the firm can assist you, call (704) 817-9517 or visit the website for more information.