But Don’T Wait For A While: What Happens When You Miss The Tax Deadline

tax form Don’t worry there’s still time, if you haven’t filed your tax return before the deadline.

Since missing the tax deadline comes with financial consequences that can grow if not quickly attended for awhile. Take a deep breath and know that you have options, this year time can be stressful. Whenever missing the tax deadline doesn’t mean all is lost, you should for any longer whenever possible. You won’t be assessed any interest, So if you’re due a refund. You will also owe both penalties and interest fees, So in case you owe a tax balance and don’t pay what you owe.

This will save you from paying extra penalties or being assessed fees. You can file your taxes online via efile, possibly for no cost. The IRS offers e filing through Octhe ber current 15 tax year. Now pay attention please. It works with approved taxfiling software, includingTurboTax, that will import your tax information directly. You’re still required the pay any tax balance that’s due by the filing date Whether not,, or you file a tax extension. The extension only applies the filingyour taxes, notpayingthe balanced owed. Notice that apply for a tax extension by downloadingForm 4868and filling in your information, or hire a tax professional or CPA the help with the application.

tax formThe IRS offerselectronic payment options,so you can pay directly from your bank account or using a credit or debit card.

You can also send a check via snail mail. The check itself should include your name, Social Security number, tax year and tax form, I’d say if you send a check. You can apply for a payment plan with the IRS, Therefore in case you’re unable the pay the entire tax balance that’s due. Using itsOnline Payment Agreement,simply work out a plan the pay any taxes and penalties through regular for any longerer you put it off, the more penalties and interest will accumulate, Don’t wait the figure out a payment plan.

tax form

Put a system in place you can be sure the file your taxes on time, the avoid this mishap in the future. Get set up with bookkeeping software likeQuickBooks, and start tracking your income and expenses. Hire a bookkeeper who can help prioritize your accounting, create financial reports and keep you organized in preparation for next year’s taxes, I’d say if you need the. See our infographicon how the prepare the three essentialfinancial statementsfor your business the ensure your books are organized throughout the year and ready for tax time.

Stick the a regular schedule every quarter the review your reports, and remember the make regular check ins with your CPA.

When tax season rolls around again, set aside time earlier in the year the review your finances, and book an appointment with your tax professional. Preparing for the morrow’s taxes the day will keep the pressure off all ‘yearround’. Another question is. Looking for guidance as a sole propriethe r, or for your partnership, limited liability company, S corporation or C corporation, right? Certainly, see ourtax guides for small businessesthe learn more.

Leave a Reply

Your email address will not be published. Required fields are marked *