What to Do if You Didn’t File Your Taxes

Okay, so you let this year’s April 17 tax filing deadline pass you by. Where do you go from here?

The following advice is from the IRS:

* Do not panic, but file as soon as you can. If you owe money to the IRS, the faster you file your return, the less your penalties and interest will be. If mailing in your return is your only option, don’t worry about it-just do it. The faster the IRS receives it, the better.

* E-file is nevertheless your number one choice. IRS e-filing is available for many taxpayers until the extension deadline of Oct. 15.

* Free File is still obtainable at www.irs.gov/freefile. Taxpayers who earn $57,000 or less will be eligible to file for free through Free File. Taxpayers whose income is more than $57,000 and who feel confident filing their own taxes should take this route. There is no online support for this program, but it does all of the basic math calculations you may need.

* Pay as much as you can afford to when filing, and then apply for an installment agreement for the difference.

* Installment Agreements are available on request with File Form 9465, Installment Agreement Request or by applying online using the IRS Online Payment Agreement Application available at www.irs.gov.

* Filing as soon as possible will keep you penalties and interest at a minimum. Although the IRS cannot completely waive interest charges, they will think about reductions in these penalties if a valid case is made for the reasons behind late filing. Information about penalties and interest can be found at Avoiding Penalties and the Tax Gap on the IRS website.

* You might have a refund waiting. The quicker you file, the faster you will receive your refund. Despite your earnings being below the standard filing requirement, you may very-well be warranted to a refund of taxes that were previously withheld from your earnings, quarterly estimated payments or other special credits. You will not be charged any penalties or interest for filing late, but if your return is not filed within three years you could forfeit your right to the refund.