Three Things You Should Do If You Miss the Income Tax Deadline

Posted by on September 20, 2016 · Leave a Comment 

The cut-off date to file taxes in 2016 in the U.S. was April 18 due to a government-specific holiday observance. This means that the cut-off date for those receiving extensions is October 18. If you missed the filing deadline, do not panic. It is a rather simple thing to fix.incometaxscrabblephoto

File ASAP

If you do not require an extension, file as soon as possible. You will be subject to late filing penalties. In some cases, you may be able to get the IRS to waive these penalties. If you are due a refund, the penalty will be taken directly out of the sum you are owed.

Contact the IRS for an Extension

You can file an extension or call the IRS directly. An extension gives you an additional six months to file if it is done before the tax filing deadline. The end of the extension period is typically October 15, but exceptions exist for government-observed holidays.

Make Payment Arrangements for Late Filing Penalties

If you owe any amount to the IRS, you will owe a little more once they tack on late filing penalties and interest. Make a payment arrangement with the IRS so that you can have time to pay what is owed. The IRS will setup a suitable payment arrangement with you.

Closing Thoughts

Time gets away from people and the tax filing deadline seems to approach faster every year. Start early, as soon as all of your required documents have been received. The earlier you start on your return, the less likely you are to miss the filing deadline.

Image credit: Chris Potter

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