Filing taxes can be daunting, and with the hustle and bustle of everyday life, it’s common to miss the tax filing deadline. When April 15th falls on a weekend or holiday, the deadline for submitting federal income taxes may be extended.
What You Need to Know About Tax Filling
Who needs to file taxes: If you earned income in the United States during the prior tax year, you may be required to submit a tax return. The rules depend on your filing status, age, and income level, so it’s essential to consult a tax professional to determine if you need to file.
When to file: The deadline for filing federal income tax returns in the USA is usually April 15th, although this can sometimes be extended. State tax return deadlines may vary, so checking with your state’s tax agency to confirm the due date is essential.
1. File Your Tax Return Immediately
Firstly, and most important, file the tax return as soon as possible, even if you’ve missed the deadline. The penalty for neglecting to file is more significant than the penalties for failing to pay; therefore, filing as soon as possible is preferable.
2. Pay Owed Taxes
If you owe taxes, paying them as soon as possible is crucial, even if you missed the tax filing deadline. Paying your taxes on time is preferable to avoid incurring additional penalties and interest from the IRS.
3. File for an Extension
Once you miss the tax filing deadline, file for an extension using IRS Form 4868. This will give you an additional six months to file your tax return, extending the deadline to October 15th. However, it’s important to note that an extension only applies to the filing deadline, not the payment deadline. Even if you’ve been granted an extension to file, you must still pay your taxes by the original deadline.
4. Gather All Your Documents
If you missed the tax filing deadline, take the time to gather all your necessary tax documents, including W-2 forms, 1099 forms, and other relevant financial records. Having all your documents in one place will make it easier and faster to file your tax return accurately.
5. Consult With a Lawyer
If you need help with how to proceed or have complex tax situations, it’s wise to seek professional help from a qualified tax lawyer. They will guide you through the process, ensure you’re taking all the necessary steps, and help you avoid mistakes that can lead to further penalties or legal issues.
6. Communicate With the IRS
If you have missed the tax filing deadline and cannot pay your taxes in full, you must contact the IRS immediately. You can set up an installment payment plan with the IRS to pay your taxes in installments. This will assist you in avoiding levies, liens, and other harsh penalties for unpaid taxes.
Following the steps mentioned above will ensure that you address your tax filing needs in an orderly manner, saving you from unnecessary headaches and stress. It is important to file taxes on time.