What To Do If You Missed The Tax Filing Deadline

Posted on Friday, May 25, 2012

If you missed the April 17 tax filing deadline for your 2011 return, the IRS has some advice for you.

First, don't panic. But do file your return as soon as possible. If you owe money on the return, the penalty for late filing and interest on the amount you owe will continue to grow until you file. E-filing is the fastest way to file, and this option is available on 2011 tax returns through October 15, 2012.

Second, pay as much of the tax you owe as you can. If you cannot pay the full amount of tax due with your return, you can ask to make monthly installment payments to the IRS. File Form 9465, "Installment Agreement Request," or apply online using the IRS Online Payment Agreement Application available at the IRS website (www.irs.gov).

Third, any additional delay in filing will just increase any penalty and interest charges. These include a late filing penalty, a late payment penalty, and interest on taxes not paid by April 17.

If you haven't filed your return, the problem will not go away by itself. File your return, and if you can't pay the tax owed, inform the IRS of your current financial situation. For more information or filing assistance, contact our office.

Posted in Tax And Accounting Topics For Business

Disclaimer: The information contained in Dulin, Ward & DeWald’s blog is provided for general educational purposes only and should not be construed as financial or legal advice on any subject matter. Before taking any action based on this information, we strongly encourage you to consult competent legal, accounting or other professional advice about your specific situation. Questions on blog posts may be submitted to your DWD representative.

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