Monday, April 21, 2014

Missed the 4/15 deadline?

The IRS has some advice for taxpayers who may have missed the April 15 tax filing deadline.
According to the service, those who were late should:
  • File soon. Taxpayers who owe taxes should file and pay as soon as they can, to minimize interest and penalty charges. The IRS did note, though, that there is no penalty for late filing if the taxpayer is due a refund.
  • E-file. It’s available through October 15, and is the fastest way to file taxes.
  • Pay as much as they can. If they owe tax but can’t pay it all at once, they should pay as much as they can when they file, and then pay the remainder as soon afterward as they can, to stop further penalties and interest.
  • Make a payment agreement online. If they need more time to pay, the IRS said the easiest way to apply for a payment plan is through its Online Payment Agreement tool. They can also mail in Form 9465, Installment Agreement Request.
The agency also noted that the IRS Free File service was still available, and that taxpayers should be aware that even those who are not required to file may still be eligible for a refund – but only if they file within three years.