Filing a Late Tax Return

Sometimes, things get out of control during tax season, and it's easy to watch deadlines come and go, especially if you are double checking tax information. If you have missed the filing deadline for your taxes, you don't need to worry too much. You just need to make sure that you file your taxes as soon as you can. You may be afraid of what could happen when you do, but it's not going to be anywhere near as bad as not filing at all. If you don't file your tax returns, you could end up having to pay fines or even face criminal charges.

Filing your past due tax returns is not going to be the nightmare that you might think it will be. You may have to pay some late penalties and interest fees, but this is manageable if you don't wait too long. A lot of people think that they need to be able to pay the full amount that they owe when they file their returns, but this is not true. Depending on your situation, you may be able to qualify for a payment plan that will allow you to pay your taxes in chunks.

Considerations when Filing Late

If the deadline has passed for filing your taxes, you may be wondering whether or not you can file your late return online. You actually will be able to file your taxes online up until the late deadline in October. Once this date passes, then you are going to need to fill out a paper form. Paper forms can be a bit more tedious to deal with, so you may want to jump on the opportunity to file your late return online. Deadlines for when you can file your return electronically may change, so look into this before it's too late.

If you owe some money on your taxes, then you're going to be assessed some penalties and interest for filing late. If you want to make sure that these fees are as low as possible, then you're going to need to file your late returns as soon as you can. If you are getting a refund on your taxes, then you should not really be worried about filing your taxes late. As long as you file your returns within three years of the due date, then you can get your return. If you don't do it within this time, then you may lose your return.

There are some exceptions that may allow you to file your taxes later than the deadline without having to face any penalties or pay any interest. If you are out of the country when the filing deadline passes, then you may be eligible for a two month extension. One example of this is if you are in the military and you are stationed outside of the United States. In this event, you could get some extra time to deal with your taxes before being assessed late fees.

Selecting an Installment Agreement

Filing a late tax return is something that you can deal with, but it's best to handle it as soon as you can. A lot of taxpayers will avoid filing for ages because they fear that they cannot pay all of the penalties and fees plus what they owe in taxes. If this is what you are worried about, then you might want to look into an installment agreement. Often, the IRS will agree to this, but you just need to apply for it. Getting on an installment plan is a great way to ensure that your taxes will get paid off.