5 Tips For Filing Late Taxes This Year

5 Tips For Filing Late Taxes This Year

Tax season is one of the most dreaded times of the year for most people. Each January as we begin the new year we know tax season is only a few short weeks away. Filing taxes can be an extremely irritating job with many complicated steps. Each year during tax season there is always that select group of people who miss the tax deadline.

If you ever find yourself in that situation here are 5 tips for filing late taxes.

File Your Tax Extension ASAP

If you happen to miss the tax deadline be sure to file your tax extension paper work as soon as possible. To be sure that you avoid any penalties for late taxes file your extension as soon as you know you will be late. The longer you wait the harder it will be to file and the more penalties you may face.

Setup A Payment Plan

When filing late or back taxes one of the best things you can do is get on a payment plan. This allows you to make affordable payments on any late or back taxes and can also save you from late tax penalties. Be aware however that you will be charged interest on top of your monthly payments. You can setup a payment plan by contacting the IRS.

File Online

One helpful tip for tax season is to file your taxes online with a tax prep program. We all know how it is to wait for paperwork to arrive through standard mail. Filing your taxes online can not only save you money but it can also ensure that you don’t miss any tax deadlines and avoid late tax penalties. There is now another great program online that can actually help get you cash the same day you file your return.  So if you do need cash right away, you should get a tax refund advance.

Review Your Information

Too often when people are dealing with a late tax situation they hastily send in their taxes before properly reviewing their information. No matter how late you are make sure all your information is correct to avoid any further errors and complications. Taking your taxes to a certified tax consultant for review can also help to ensure that all the information you need to file is there and that it is correct.

Check For Changes

Each year the IRS changes tax rules and regulations. It is important to get all the information you will need before filing your taxes, late or otherwise, to keep up with the constant changes in tax rules and regulations. If you have any questions as to what has changed contacting the IRS directly is your best way to get the information you need.

The most important thing you can do to make tax season go smoothly is to begin preparations a few weeks before the tax filing deadline. This includes speaking with employers to make sure everything is going smoothly on their end. Contacting the IRS is also a good way to avoid the stress of tax season.

If you fear you might be late on filing your taxes the IRS can let you know what you will need to do specifically to remedy the situation and save you any future hassle.

About The Author

Edwin is a marketer, social media influencer and head writer here at I Am 1 Percent. He manages a large network of high quality finance blogs and social media accounts. You can connect with him via email here.


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1 Comment

  1. Mario Madrid

    Great tips Edwin! It is amazing how much the tax filing process has changed now that we can file online. Many of my peers wait until late March/early April because it is relatively easy to complete your taxes if you have done them over the last few years.

    Mario

    Reply

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