Unless you requested a tax extension, the time for filing your taxes has passed. Here are some things you can do if you missed the tax deadline and didn’t file your taxes or request an extension.
File Your Tax Returns As Soon As You Can
If you owe money, you should file as quickly as possible to prevent additional fines. Although there may be a penalty for filing late, it will be less severe than if you fail to file at all. If you file as soon as possible, you will save money on interest.
The IRS also obtained copies of your tax documents, such as the 1099-NEC or W-2, which show how much money you made during the year. Because they don’t know all of the tax deductions and credits you qualify for, you want to file as soon as possible so they don’t show that you owe more taxes.
Electronic Direct Deposits
The IRS will take longer to receive and complete your tax return if you choose to mail it in. The quickest way to collect your tax refund is to e-file with a direct deposit. The IRS claims that nine out of ten tax refunds will be issued within 21 days after acceptance.
If you submit your tax return by mail, you may expect to receive it four to six weeks after it is accepted and processed, but postal tax returns are taking considerably longer right now. E-filing helps the IRS to receive and process your tax return promptly and easily.
Setting Up Payments
Some taxpayers delay filing because they owe money and are unsure how they will pay it. If you’ve been putting off filing because of this, there are steps you can do that will benefit you and save you money.
You should file as quickly as possible, pay the amount that you can, and then contact the IRS to set up a payment plan. The IRS can assist you in a number of ways:
You can request a short-term payment plan
You can request a long-term installment agreement
Another way is to have an offer of compromise
In some situations, you can even have a temporary delay in collection.
If you can pay what you owe within 180 days, you can set up a short-term payment plan.
Resolve Your Tax Bills
If you’ve found yourself in a nasty mess with the IRS, take a deep breath. For taxpayers who may have difficulty paying off an excessive amount of tax debt, there’s a new and improved relief program that consolidates many major relief programs into a one-size-fits-all assistance program. Any issues regarding back taxes, unfiled years, or any other tax-related problems may be solved through one program; the IRS Fresh Start Program!
How Simple Is Qualifying?
Considering that the Fresh Start Program is a federal program, you would think meeting the qualifications may be very difficult, but really, it’s a lot simpler and quicker than you think. Take the following steps in order to find out if you are eligible in as little as 3 minutes.
- Fill out some basic information about yourself and your back taxes here.
- Have a representative reach out to you to discuss your eligibility.
- Go through the enrollment process and finally reduce or eliminate your tax liabilities.