It’s April 17th and you just realized you forgot to log into Turbo Tax and file your taxes. Between work, kids, and whatever else we hard working Americans are busy with, it’s no surprise that every now and then it slips our minds. But don’t worry. The tax police will not throw you in jail for missing the deadline (at least not the first time). This can definitely be fixed.
First of all, the IRS wants you to pay your taxes, however you can, so better late than never. Of course, on time is preferable, but it’s not the end of the world if you miss the deadline by a few days. You might be late on the deadline for reasons other than memory lapse; maybe you can’t afford the payment you need to make to the IRS. Fortunately, some people can qualify for payment plans when this is the case, even if the tax return is filed late. The IRS Main page will give you the information on where to start this process. Basically, you’re just going to file like you normally would; the website has all of the required forms, and you fill out the one you normally would had you turned in your taxes on time. You can go HERE to find the proper tax form.
If you cannot find a way to pay your tax payment in full, the IRS asks that you pay as much as you can, which will in turn save you money. The interest and fees that you will accumulate will be higher the more you owe. As mentioned before, often you can work with the IRS to establish a payment plan. Depending on your situation, you may be able to qualify for a 60 or 120 day repayment plan. If your debt is under $50,000.00 you can even apply online. This page has all the forms to file for an installment plan.
In case your still debating on whether or not to file, remember that there are penalties for not filing at all. The IRS is willing to work with people if they need a payment plan, but if the taxpayer makes no effort to satisfy their debt, they can take action against them. And this is not just about going on your credit, the IRS can garnish your wages, levy your bank account…….it’s not pretty. So just because you can’t afford your taxes, it is in your best interest to at least file, and then work out a payment plan with the IRS.
It’s not the end of the world folks. Anybody can have a slip up when it comes to taxes, but there is a way to fix it.