For whatever reason, you didn\u2019t file an income tax return by the April tax deadline. Don\u2019t wait until next year, and don\u2019t think that the IRS won\u2019t notice. You need to do something about it now. If you didn\u2019t file because you didn\u2019t think you\u2019d have enough money to pay your tax bill (or you waited too long and simply couldn\u2019t complete your tax preparation), you could have applied for an extension. The IRS still expects you to send in what you think you\u2019ll owe, but if you pay at least 90 percent with the extension, you may avoid some penalties. You\u2019ll then have six months to pay all taxes due and turn in your tax return.<\/p>\n
At the very minimum, complete and send in the Form 4868 by the April deadline with some payment if this happens again. The IRS wants to hear from you at filing time.<\/p>\n
File and pay as quickly as you can, whether or not you can pay the entire amount due. That\u2019s what the IRS says to taxpayers who missed the tax deadline. This will minimize penalties and interest charges (the agency charges interest, a failure-to file penalty, and a failure-to-pay penalty if you owe). You may be able to avoid these if the agency accepts your reason for being delinquent.<\/p>\n
There\u2019s no penalty if you\u2019re due a refund, but you must file for it within three years. How do you file? You cannot file electronically after the extension deadline in October, either on the IRS servers or through commercial software or websites. You\u2019ll have to file a paper return. You can either send a check along with your return or use the IRS\u2019 online payment options.<\/a><\/p>\n What if you can\u2019t pay the total due? The IRS offers options here, including applying online to make installment payments<\/a> and requesting a temporary delay.<\/a><\/p>\n Warning: Remember that the IRS will not send you an email or make a phone call demanding immediate payment. Such a request is part of a phishing scam.<\/p>\n How do you keep this from happening again? Our suggestion is that you start doing tax planning year-round. Tax planning should really be a part of your overall financial planning, and it\u2019s something you need to be thinking about all year.<\/p>\n We can help you in several ways here, by:<\/p>\n By always considering the tax implications of your income and expenses, you accomplish three things. You make smarter purchases. You\u2019re less likely to get a big, ugly surprise at filing time. And you may well be able to minimize your obligation to the IRS.<\/p>\nPlanning Ahead, Always<\/strong><\/h3>\n
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