Taxes deadline means the last day for people to file their taxes. Missing this very important deadline can spell trouble for you and your finances if mishandled. Thankfully, we have a ton of tips for you to use to help you get out of this sticky situation. So if you missed your deadline, here’s what you can do to make things better!
Taxes Deadline | Missed Me?
1. 2018 Taxes Deadline
The taxes deadline for 2018 is on April 17, 2018. Your taxes must be filed before this date. Failure to pay your taxes on time results in penalties. Your penalties may differ from others, as each errant is handled on a case-by-case basis.
Sadly, the IRS is the final word in regards to tax penalties, so it’s really not possible for now to calculate exactly how much you will owe. Estimated tax payments and penalties will be given to you by the IRS.
2. File ASAP
It’s an inescapable fact: sometimes, people do miss their taxes deadline, but not all is lost. The first thing you must do is file your taxes as soon as possible – if ever, file it the next day. Doing so minimizes your penalties and interest charges and for sure – no one wants to pay more than they need to!
3. Be Ready for Penalties
Unfair as it may seem, penalties are a part of missing your taxes deadline. The IRS can and will charge penalties for people who file and pay late. Generally, you will not find a provision in tax law allowing the IRS to waive interest charges. But thankfully, the IRS can consider reductions for people who can show reasonable cause on why they missed their taxes.
4. File Online
The IRS offers e-file programs to help you out when you miss your taxes deadline. Not only is this easy and safe, it also is the most accurate way to file your late taxes. Accuracy is important, especially if you missed paying your taxes on time. Also, the IRS generally receives e-files faster than paper, so you’ll be able to skip a lot of the hassle of paying even more.
5. Pay as Much as Possible
The best thing to do when you miss your taxes deadline is to pay off as much of it as you can. You don’t have to pay off all of it, but the more you pay, the less hassle it will be for you in the long run. Doing this will lower the amount you have to pay still, such as your penalties and interest charges. As such, it’s best if you can pay off at least 50 – 60 percent of your missed taxes.
6. Choose Installments
You might need more time to pay your federal income taxes. This is a problem many Americans might face when it comes to paying their dues. The IRS offers installment programs for those who cannot pay their taxes in one fell swoop. You can request a payment agreement with the IRS online, or file a Form 9465.
7. Check for Refunds
You might be eligible for a refund, so it’s best to check. Filing as soon as possible can let you see if you are due for any refunds that might help out with your missed payments, or pay them off entirely. This will apply to you if you have taxes taken from your wages, or if you are qualified for certain tax credits. But take note: if you don’t file your tax returns within a three-year period, you might forfeit your refund, and that will be a huge waste!
USA Today has some pretty helpful tips for people who missed their taxes deadline in this video:
The only things constant in life are death and paying taxes, so you must file your taxes early. Missing your deadlines can spell trouble, especially if you are experiencing a financial slump. So, the best thing you can do for yourself is to file early and not let yourself miss your deadlines. If you do, don’t worry – it’s easy to make it out of this alive!
Do you have any tips for people who missed their taxes deadline? Let us know in the comments section.