Tax month! You’ve been probably thinking about this month the entire year, but as soon as the month arrives, you somehow lost the track of tax deadline. And then it’s not going back. No wonder, there might be certain problems that you’ll be facing now. However, this post will share with you easy steps you take once you have seen that the tax deadline has come and passed to get your taxes sorted.
What to do after the tax deadline?
If the tax deadline has passed, here are some steps you can take to sort out the problem.
1. File for an extension
One of the quickest steps you can take after missing a deadline is to file an extension. Tax extensions give you six months or more months for you to get your paperwork sorted out and filed correctly.
To be able to file an extension, you need to fill out Form 4868, which gives a basic overview of why you are filing for an extension.
The IRS will then decide if they want any further information from you before they grant the request- they often process these requests fairly quickly, so try to file one immediately.
2. Make sure to have all your paperwork ready
Having all paperwork ready means, you would not want to delay any further and get your taxes done. Before you go for form 4868, you should check if everything is accurate and complete.
No wonder, if you are using free paystub generator tool for generating stubs easily, you still need paper while filing taxes.
3. Immediately file a late return
If you have a tax refund that you are due to collect from the IRS, you are lucky. As for you, IRS does not fine any penalties and you can file a late return without any penalties. This will save you from the major headache of going through different paperwork that you have faced either way.
4. Try to apply for an installment agreement
Maybe you missed the tax deadline because you have no means of paying the taxes correctly. If this is the case, then you can get some time to settle your taxes through an installment agreement.
However, one consideration for the installment agreement is that ITS must first approve your application- so this might not work for everyone.
5. Check your balance
This is the basic step you must take before taking any step for settling your taxes. It is clearly pointless to settle taxes without knowing how much you actually owe.
In a nutshell, try to add all your taxes by generating pay stubs using a free stub maker with calculator. There is another option of using the IRS’s online service where you can see your balance online.
Taxes are often found as a hustle, but this becomes only when the deadlines are missed. However, there are steps you can take once you miss the deadline, but why miss the deadline in the first place?
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When is the tax deadline for individuals?
The tax deadline for individuals in the United States is typically April 15th of each year. However, the deadline may be extended in certain circumstances, such as when the 15th falls on a weekend or holiday.
What happens if I miss the tax deadline?
You may face penalties and interest charges on unpaid taxes if you miss the tax deadline. These penalties and charges can add up quickly, so it's important to file your taxes on time or request an extension if you cannot meet the deadline.
Can I request an extension for the tax deadline?
You can request an extension of up to six months to file your tax return. However, you must still pay any estimated taxes owed by the original deadline to avoid penalties and interest charges. You must file IRS Form 4868 by the original tax deadline to request an extension.