OK, so you missed the boat and didn't get your taxes filed by April 15th. Know that you are not alone. There are millions of Americans who missed the boat. No problem. It's what you do next that is important.
First, take deep breaths, get a cup of tea, or coffee and try to relax. Tell yourself that this too will pass. Then believe it. Know that it will pass much faster if you do what is necessary to get the taxes done.
Ask yourself why are you postponing the task? Is it because you owe and you don't have the money to pay? Or is it because you don't have the energy to complete the task? If you are slightly depressed over the entire matter, take little steps each day to complete the task.
Gather ALL your receipts, and other information and then find an experienced tax professional and FAX or take all the information to them, or drop them off in a bag or shoe box. (Make copies) When the tax professional calls or emails to ask you questions about your taxes, answer their emails as best you can.
And before you know it; your taxes will be done. If you owe, ask the tax professional to complete an Installment Agreement Request, and then pay the IRS on a monthly bases.
Where do you get the money to pay the IRS? Cut off your cable and send the money to the IRS. Sign up for a Netflix account for less than $10 a month, watch Movies and TV shows online. Cut back on eating out, cut back on your trips to the coffee shop, take your lunch to work 3 or 4 days out of the week. Pay the IRS. Adjust your federal with holdings so that you don't have the same problem(s) next year.
If you are single, having to clamp down on a budget can be hard. After all when you're single it takes money to be out and about and enjoy your life if you aren't use to staying home a lot. Make the adjustments. If you are married, spend more time together at home. Find an inexpensive hobby which ultimately could earn you money. Make the commitment as a family.
Where do you get the money to pay the IRS? Cut off your cable and send the money to the IRS. Sign up for a Netflix account for less than $10 a month, watch Movies and TV shows online. Cut back on eating out, cut back on your trips to the coffee shop, take your lunch to work 3 or 4 days out of the week. Pay the IRS. Adjust your federal with holdings so that you don't have the same problem(s) next year.
If you are single, having to clamp down on a budget can be hard. After all when you're single it takes money to be out and about and enjoy your life if you aren't use to staying home a lot. Make the adjustments. If you are married, spend more time together at home. Find an inexpensive hobby which ultimately could earn you money. Make the commitment as a family.
IRS Offers Tips for Taxpayers Who Missed the Tax Deadline
- File as soon as possible. If you owe federal income tax, you should file and pay as soon as you can to minimize any penalty and interest charges. There is no penalty for filing a late return if you are due a refund.
- Penalties and interest may be due. If you missed the April 15 deadline, you may have to pay penalties and interest. The IRS may charge penalties for late filing and for late payment. The law generally does not allow a waiver of interest charges. However, the IRS will consider a reduction of these penalties if you can show a reasonable cause for being late.
- E-file is your best option. IRS e-file programs are available through Oct. 15. E-file is the easiest, safest and most accurate way to file. With e-file, you will receive confirmation that the IRS has received your tax return. If you e-file and are due a refund, the IRS will normally issue it within 21 days.
- Free File is still available. Everyone can use IRS Free File. If your income is $57,000 or less, you qualify to e-file your return using free brand-name software. If you made more than $57,000 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 only through IRS.gov.
- Pay as much as you can. If you owe tax but can’t pay it all at once, you should pay as much as you can when you file your tax return. Pay the remaining balance due as soon as possible to minimize penalties and interest charges.
- Installment Agreements are available. If you need more time to pay your federal income taxes, you can request a payment agreement with the IRS. Apply online using the IRS Online Payment Agreement Application tool or file Form 9465, Installment Agreement Request.
- Refunds 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 be entitled to 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.
