You Missed the Tax Deadline?Now What?

Deadlines and dates get away from people all the time. In our fast-paced, hectic society, missing a deadline on occasion is practically inevitable. The good news is that if you have missed your tax deadline, there are remedies available which are not detrimental to your financial stability. The few tips below will help you understand what to do if you did miss the deadline.TaxClock

Use IRS Free File

If you have earned $62,000 or less for the 2015 tax year, you can use IRS Free File. There are forms available right on the IRS website that can be filled out online. You can also file for an extension, even though you are late, giving you until October 17, 2016 to file. Filing through Free File is one of the most secure online options and is a faster delivery option to the IRS.

Accept the Penalty for Filing Late

Even if you miss the tax filing deadline by one single day, you will have penalties and fees for being late. You just have to accept it and be prepared to pay it, because, forgetting or not being prepared comes with consequences. Figure out what your penalties may be and put funds aside or send them in as a partial payment.

Final Word

Filing late really is not that big of a deal. Yes, it comes with penalties, but they are not as stiff as you might expect. It is best to work with the IRS and make a payment plan so that you can pay what is owed, if that is the case. Also, accept the reduced refund minus late payment fees/penalties.

Image credit: Du Truong

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