Tips for Those Who Missed the Tax Deadline

From the Desk of Michael T. McCormick

Tips for Those Who Missed the Tax Deadline

If you happened to have missed it; Monday, April 18, was the tax deadline for 2015 personal tax return filings. If you didn’t file a tax return or an extension to file but should have, there is still time to take action. We can help limit the cost in terms of penalties and interest by acting right away.

If you missed the tax filing deadline:

Make a payment as soon as possible. If you owe taxes, you should pay as soon as you can, which will stop the interest and penalties that you will owe from adding up. If you owe but can’t pay the balance in full, you should pay as much as you can when you file your tax return to minimize penalties and interest.

Make monthly payments through an installment agreement. If you need more time to pay your taxes, there are myriad ways we can assist you in getting the amount due tackled. Our main strategy would be an installment agreement. We can analyze the amount you owe along with your resources, income and assets to determine a convenient monthly payment plan that the IRS would agree to and give you some peace of mind that the issue is resolved.

E-file is safe and quick. E-file is the easiest, most accurate way to file your taxes. When we e-file a return we can confirm receipt by IRS electronically which allows us to better track your return. Perhaps most important, more than nine out of 10 refunds are received by our clients in less than 21 days.

A refund may be waiting. If you are owed a refund, you should file as soon as possible to get it. Even if you are not required to file, you may still get a refund if you had taxes withheld from your wages or you qualify for certain tax credits like the Earned Income Tax Credit. If you don’t file your return within three years, you could lose your right to the refund.

Plan ahead for 2016 tax year. Good tax planning as well as adopting a good filing strategy and payment structuring can save you real money. Details can be provided to you, as our office specializes in tax planning and strategizing.