What To Do If You Didn’t File Your Taxes On Time

June 7, 2019

Tax season has a way of sneaking up when you’re least prepared. Many people miss the filing deadline for one reason or another. If the government owes you a refund, you probably won’t be penalized for missing the deadline. However, if you owe the government money, missing your filing deadline can spell disaster.  If you failed to file your taxes on time due to a personal issue or any other reason, here’s what you should do with the help of your Encino tax advisors:

File for an Extension if Applicable

If you don’t owe the government money, you have up to three years from your initial filing deadline to complete and submit your tax return and claim your refund. If this is your situation, simply file for an extension and have your Encino tax consultants help you prepare and submit your late filing.

Unfortunately, you are not eligible to receive an extension if you owe the government money. In this case, you will be charged penalties for missing your deadline.

File as Soon as Possible

If you owe federal income tax and missed the filing date, you can minimize the amount of interest charges and penalties you’re assessed if you file and pay as soon as possible. Los Angeles tax preparation services can assist you in filing electronically so you don’t waste any more time.

Make Monthly Installments

If you are unable to pay the full amount of taxes you owe right away, you may want to apply for a direct debit installment plan. You can find application details on the IRS website. The payments are automatically drafted from your bank account, so you don’t need to worry about writing monthly checks.

If you’ve missed your tax filing deadline, the worst thing you can do is put off filing indefinitely. The longer you wait, the more likely you are to pay exorbitant penalties. You may even face the possibility of jail time if you do not pay what you owe to the IRS. Consult with your Encino tax advisors to find out how you can file as quickly as possible.