If you are unable to file your tax return by April 18, 2018, you may incur fines and penalties. Depending on your situation these figures can vary widely, but with the IRS it’s pretty easy to handle. Regardless of whether you are able to submit your return on time, there is key information that you should be aware of.
Do not miss the final return deadline of October 17th, 2018. Or, if so, know the consequences. The main consequence is that their filing was officially late, and not simply postponed. Due to this, you will begin to accumulate fines. If you did not submit the proper 2017 extension form, know that after the October deadline expires, the IRS begins to pay more attention to people who have not submitted documents (before they have hands filled with late filters), so
prepare in advance.
If you filed an extension form, you may feel that you have a good long-term delay. But you will need to use this time to get the necessary information to file a tax return. This may include things like forms W-2 and 1099 forms, as well as notes on mortgage payments and other tax information for the previous year.
Decide how much you can pay. It would be great to be able to name the price and stick to it. The good news is that if you are unable to pay the full amount, there is a place for negotiations. If you did not file your returns because you are sick, for example, the IRS will sympathize with this problem. You can get reduced fines and fees, and there is a good chance that you will be able to agree on plans for paying taxes over the course of several months or years.
Find an online tax expert who will help you apply! There is nothing worse than creating everything you need to create a file, only to find that you miscalculated and owe the IRS more money than you thought and be fined.
Completing your tax return late is not a big deal, so long as you pay any taxes that are due by the April 18, 2018 deadline. Every day you delay the paying of any taxes owed is a day that you can be fined if something goes wrong with the application, so no matter what your tax situation, get started now. If you need to file an extension for more time, do so to help to ensure that your return is accurate and complete.