You file your taxes, and you breathe a sigh of relief. You have a long, long time before you have to go through all of the tax preparation hassle again. Yet, before you know it, tax time comes around, and you feel that you have to scramble to get everything done in time once again.
Indeed, April 15th may come by so quickly that you miss the deadline completely. Don’t worry you’re not alone. But, now what do you do that the tax filing deadline has come and gone?
These 5 tips will guide you through some of the best ways to handle a missed tax filing deadline. Remember, even though you missed the tax deadline, all is not lost. But, the longer you wait to remedy the situation, the more chance that you may face penalties.
If, after reading this article, you have more questions about your specific tax situation, or the tax filing deadline in Florida we welcome you to call The Law Office of Mary King P.L. We can help you get your taxes in order and back on the right track.
Tip #1 – Pay Your Taxes as Soon as You Can
Once you realize that you have missed the tax filing deadline, you should take action as soon as possible. It is important that you do not get paralyzed by the mistake, or think that you missed your chance. It might take some work, but you would be wise to pay your taxes as soon as you can once you receive a tax bill.
There are a few time-efficient ways to pay your tax bill. An IRS program called “IRS Direct Pay,” which can be accessed from the IRS.gov website, allows you to pay your tax bill right out of your bank account. You can do so securely and without a fee. Being able to pay electronically might just avoid some interest and penalties that could otherwise accrue.
Conversely, if you are owed a refund, there is no penalty for filing your tax return late. Yet, why wait to get that refund money? File your return at your earliest convenience.
Tip #2 – Don’t Have to File a Return, File Anyway.
In some circumstances, the IRS does not require you to file a return and claim your personal income. However, you may still be due a refund if you had taxes withheld from your wages, or if you are eligible for particular tax credits. No need to just leave that money sitting out there. Rather, file a return to obtain a refund. Otherwise, your ability to obtain a refund may expire after three years.
Tip #3 – Use IRS e-file
There are those products, including TurboTax, that help you file electronically. Yet, why not go to the source? The IRS has an e-file application that will let you file your taxes electronically through October 15th. The e-file, in fact, is one of the easiest, safest, and most accurate ways to file your taxes. The IRS will provide you with confirmation that your return was received, and it can process a refund from an e-filed return usually within three weeks.
Tip #4 – Pay What You Can
With most debts, it is better to pay a little than nothing at all. If you owe a substantial amount in taxes, and you are not able to pay the amount in full, then you can set up an installment plan with the IRS. You should check the IRS.gov website and learn about the IRS’s Online Payment Agreement tool, in which you can set up a direct debit agreement from your checking or savings account. That makes it easy to make installment payments without having to send a paper check once a month.
Tip #5 – Do You Have a Hardship?
There is a very good chance that you can avoid paying certain penalties if you can show the IRS that you have reasonable cause for not filing on time.
Examples of reasonable cause include being the victim of a federally declared natural disaster; having a personal emergency like a death in the family or medical emergency; or acting under a mistaken belief from an IRS publication or professional. Indeed, any event that caused you to miss your tax obligations despite using normal business care and prudence could justify reasonable cause for not filing on time.
The IRS in those circumstances will provide options for relief. The relief could be in the form of extensions to pay or file your taxes.
To conclude, even if you miss the tax deadline, you should rest assured that you have options. That should give you some piece of mind when scrambling as the deadline approaches. But remember, passing through the tax deadline does not mean that you give up. It just means that you need to do a little work to finish everything up as soon as you can.
Florida Tax Lawyers Are Ready to Help You Meet the Tax Filing Deadline in Florida
Handling any tax problems on your own is generally a bad idea, and enlisting an experienced tax professional is a must. Mary E. King has spent her career concentrating in tax law, and can help you with any of these issues and more. By working as the buffer between clients and the IRS, Attorney King stands up to the IRS for her clients and protects their rights while working hard to get them the best tax debt relief available.
That helps explain why she’s received an A+ rating from the Florida Better Business Bureau. If you have a tax related issue – no matter how small or how large – setting up an initial consultation with Tax Attorney Mary E. King is the first step you should take towards relief.
The Law Office of Mary King P.L. offers complete IRS problem solving services including all areas from IRS tax debt settlement to planning the most efficient tax strategy for individuals and businesses. Call us today to schedule an initial consultation. With years of experience handling IRS matters for many clients, Attorney Mary E. King can make sure that your tax issues are resolved efficiently and at the lowest cost to you. Fill out our online contact form, or call us at 941-906-7585.