April 15th has come and gone yet again. For most of us, that means we can take a deep breath and relax (and, hopefully, wait for our return!). However, those who missed the tax deadline may be feeling more stressed than ever before. Not to worry. Here are a few things you can do to make sure you don’t get yourself into trouble with the IRS. Don’t forget what ol’ Mr. Franklin said, “The only things certain in life are death and taxes.” And he wasn’t kidding!
- File as soon as you can. If you owe taxes, you should file and pay as soon as you can. This will help minimize the interest and penalty charges. There is no penalty for filing a late return if you are due a refund.
- IRS Free File is your best option. Everyone can use IRS Free File to e-file their federal taxes for free. If your income was $58,000 or less, you can use free brand-name software. If you made more than $58,000 and are comfortable preparing your own tax return, use Free File Fillable Forms to e-file. This program uses the electronic versions of paper IRS forms. IRS Free File is available through Oct. 15 only through IRS.gov.
- IRS E-file is still available. IRS e-file is available through Oct. 15. E-file is the easiest, safest and most accurate way to file your taxes. With e-file you receive confirmation that the IRS received your tax return. If you e-file and choose direct deposit of your refund, you’ll normally get it within 21 days.
- Pay as much as you can. If you owe tax but can’t pay it all at once, try to pay as much as you can when you file your tax return. Pay the remaining balance as soon as possible to stop further penalties and interest.
- Make a payment agreement online. If you need more time to pay your taxes, you can apply for a payment plan with the IRS. The easiest way to apply is to use the IRS Online Payment Agreement tool. You can also mail Form 9465, Installment Agreement Request. The tool and form are both available on IRS.gov.
- A refund may be waiting. If you’re due a refund, you should file as soon as possible to get it. Even if you are not required to file, you may still get a refund. This could apply if you had taxes withheld from your wages or you qualify for certain tax credits. If you don’t file your return within three years, you could forfeit your right to the refund.
And, if this all sounds a little too overwhelming, send your stuff into Mazuma and we can get you all caught up and keep you out of trouble!