It’s always important to file your taxes on time, so you don’t end up paying the penalty. Of course, if you think you won’t be able to meet the tax deadline, you can always file for an extension ahead of time. But if you have failed to do so, you need to know what to do regarding your situation.
File Your Taxes as Soon as Possible
If you have missed the April 18th tax deadline, your first step is to file your taxes as soon as possible. If you can refile your taxes online, you should do so immediately. If you don’t know how to file your taxes online, you can call the IRS at 800-829-1040, and they can help you. You can also visit your local IRS office and speak to an IRS agent in person.
The IRS may also allow you to file for an extension even after you have missed the tax deadline. To do this, you will need to file Form 4868 by the April tax deadline.
The key point here is to file your taxes as soon as possible, so you don’t incur penalties and fines for not paying on time.
Correct and Complete Form 4868
If you do file for an extension, you need to make sure that you fill out Form 4868 correctly. The IRS will deny your extension request if you don’t provide all the information they need. If you don’t provide all the information, you could end up facing a large penalty come tax time.
The IRS Form 4868 is an “application for installment agreement.” It is used to provide the IRS with information regarding your financial situation and why you need more time to finish your taxes. It’s vital that you be as transparent as possible.
Additionally, make sure you give the IRS all the documents they need to process your request. If you are not honest about the information, it could result in a denial of your request for more time to finish your taxes.
Make Payment Arrangements
Depending on your financial situation, you may be able to make payment arrangements with the IRS. The IRS sometimes offers payment plans for taxpayers who have difficulty coming up with their tax payments.
The only way to determine if you can make an affordable payment plan is to speak with the IRS. If your financial situation is extremely dire and the deadline for payment is fast approaching, you should contact the IRS for an extension. If you do not file for an extension, you will owe penalties to the IRS and your state.
In Summary
If you have missed the April tax deadline, you need to take action immediately. File for an extension as soon as you can so you don’t incur penalties from the IRS. You should also be honest about your finances and tax situation. You don’t want to risk being denied an extension because you are not being transparent with the IRS. And make sure you make your payment arrangements with the IRS as soon as possible.
If you’re struggling with your taxes, Axiom Tax Resolution Group can provide you with the tax relief solutions you need. When you turn to Axiom Tax Resolution Group for assistance, we’ll work directly with the IRS on your behalf. We know their rules, understand their tactics, and can speak their language to negotiate a fair payment plan or help you take advantage of an appropriate tax relief program. Contact us today to get started!
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