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Missing Tax Deadlines

April 25th

The deadline for filing your tax return was last Tuesday, April 17th. Although many people scramble to file their taxes on time, there are cases in which the deadline gets missed. If you failed to file your 2011 taxes on time this year and did not request an extension, there are still ways to take care of your tax liabilities.

Take Action

Time is of the essence at this point, especially if you want to avoid IRS penalties and interest fees. If you were expecting a refund, you will not be charged any penalties or interest for being late. If you were expecting to owe the IRS money this year, you need to get in contact with them right away as they are likely to begin penalties and interest fees any day. At this point, your owed taxes are now a matter of tax debt, not just unpaid taxes and the longer you wait the more you will owe.

Now that you have a tax debt situation on your hand there are a few things you can do to make the process easier. First, contact the IRS right away and explain your situation for missing the deadline. Next, determine the amount of your tax debt that you can afford to pay and offer to send in the payment right away with your tax return. This will help minimize the chance the IRS begins any penalty or interest fees on your account. If you can’t afford to repay your tax liabilities, promptly file your tax return and then request an installment payment agreement with the IRS to begin repaying your debts over a series of smaller payments.




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