April 15 has passed. You were supposed to have filed a tax return or an extension, but you did not. What happens now? First thing first, file as soon as you can. If you owe taxes, you will need to pay them right away including any interest and penalties that you may owe. If you are owed a refund, there is no penalty. The IRS will merely continue to enjoy the interest free use of that money until you do file. The sooner you file, the sooner you will get your refund.
Most people can use IRS Free File. IRS Free File will direct you to free brand name tax filing software that is convenient and easy to use. If your income is above 60,000 dollars, you can use Free File Fillable Forms to e-file. You can use IRS e-file through October 15. After October 15 your returns will need to be paper filed. If you are due a refund, you will have four years to claim the refund before it is claimed by the US treasury.
Even if you cannot pay all of your taxes right away, unpaid taxes are not something that should be left to fester. If you owe money, pay as much as you can. Penalties and fees tend to accumulate rapidly and quickly and reducing them as much as possible is a key priority. You will also need to apply for an installment agreement with the IRS. You can use the IRS Payment Agreement tool to help you. This tool will allow you to set up a direct debit agreement. You will not even have to write a check every month.
For more information about how your tax attorney can help you please contact us at 913-735-4829