Glendale Taxes | Missed Deadline?
April 15th has already come and gone and you didn’t get your taxes filed yet, now what? You need to take action now. Here are some tips for tax payers who missed the filing deadline.
File as soon as you can. If you owe additional income taxes, you should file and pay as soon as you possibly can. This will stop the accrual of interest and penalties that you will owe. There is no late filing penalty for filing a late return if you are due a refund. The sooner you file, the sooner you will get your refund or stop the penalties and interest accrual.
Pay as much as you can as soon as you can. If you owe income tax but can’t pay the entire amount due, you should send in as much as you possibly can when you file your income tax returns. The Internal Revenue Service will send you a bill for the remaining balance that will include interest and late payment penalties. You should try and pay this balance due as fast as possible to avoid additional interest and penalty accruals.
Use the IRS.gov tool to pay over time. If you need additional time to pay your income tax balance, you can apply for an installment agreement with the IRS. The best and fastest way is to use the IRS.gov tool and online payment agreement tool to set up an automatic debit agreement. You will avoid having to write a check every month by having the IRS automatically deduct the payment from your checking account on the due date.
Even if you are not required to file a return, you should still file because you may be due a refund. The refund could be from taxes withheld from your paycheck or certain refundable credits.
If you have any quesitons or would like more information, feel free to contact us at Dusseau & Makris, PC, your Phoenix CPA firm.