Tax Season Just Flew By!
Here are some tips if you missed the April 15 tax return deadline:
1. Prioritize filing ASAP.
I. Owe taxes? File & Pay them as soon as you can to reduce future penalties and interest. Using IRS Direct Pay will enable you to directly use your checking or savings account to pay the tax you owe.
II. Just a Refund? You’re not in trouble. Simply file the late return and you will soon have that refund. If you wait too long; the IRS could end up not turning it over.
2. Best Choice for Filing: Electronically.
I. Most people can use IRS Free File to file their federal taxes electronically. This is found on IRS.gov and available through October 15th.
II. Was your income $60,000 or less? Use free brand-name tax software.
III. Was your income more than $60,000? Use Free File Fillable Forms to e-file. It can perform some of the math and is a preferred option for those who do their own taxes.
IV. Have a number of years that need to be prepared? Call your CPA or tax attorney and have them help you reconstruct your income and expenses.
3. Best Choice for Preparing your Taxes: IRS e-file.
Regardless of who does your taxes, IRS e-file is available to file your taxes electronically until the 15th of October. According to the IRS, it can complete more than 9 out of 10 refunds.
4. Pay as much as possible on your owed taxes.
I. Using IRS electronic payment options will enable you to pay your taxes quickly and easily. Pay the rest of the tax you still owe as soon as you can. If you know you will not be able to pay your taxes in full, this may be a good time to contact your tax professional.
II. Use the IRS.gov tool to pay over time.
III. Do you need more time to pay? If you cannot pay your taxes in full, and/or have a number of years with taxes owed, do not panic or worry, there are a number of options available to you. Contact Kundra & Associates at 301-637-8130 and see what we can to do assist you. We will create a resolution plan that caters to your needs and simultaneously works with the IRS.