Late File Taxes
It is important to remember that if you filed for an extension of time back in April or earlier then you only have six months to get your items together and file your taxes. If you filed your extension of time on April 15 then your taxes are due in October. Although some people might be able to take out another extension of time you are very likely going to get yourself into a bad spot by doing this. When you filed for the extension of time you had to pay at least 10% of any taxes that you owed. It is assumed that those who file extensions owe money although other circumstances may be at hand.
One thing that happens to those who file the extension of time instead of filing their taxes is that they accrue penalties. Unless you paid the taxes due when you filed for the extension of time. then you will have to pay the balance of taxes owed when you file your taxes. Hopefully, you do not have to put the amount on your credit card or some other way that takes it toll on your credit report because then it is just a financial cycle of horror. Nevertheless, do what you have to do even if it means borrowing money in a person-to-person lending agreement. Owing taxes is something that hangs over you like no other type of debt.
If you are unsure of how to complete your tax return and you do not know what to do then follow these instructions. Call the IRS at (800) 829-4933. Although most people think that calling the IRS will take them forever to get through, it is not so bad. The IRS is busy year round, but they are not as busy in the summertime as they are if you try to call in April. Call them and tell them your situation if you are unsure of how to file taxes after getting your extension. If you are like some who got an extension then you filed the extension paperwork, and then put the tax issue away with its papers in a drawer somewhere. The best thing to do after filing for an extension is to get your tax paperwork done so you can pay them and be done with it. Owing and accruing more debt through taxes is stressful.
File Taxes. Make a Payment Plan.
Unless you have a friend who knows how to file taxes then you need to get help. Calling the IRS and talking to them about your situation will help you. Ask them for the local office address if they do not offer it. You can go into the IRS office and they will help you, for free, to figure out your taxes. The IRS can pull up any documents that you need. For example, if you did not get or you lost your 1099 Miscellaneous Income form then you can simply go down to the IRS office that is local to you and have them pull it up. The IRS is actually there to help you, so going into the office to have them print out a new form is a lot easier than some other methods.
If you do not owe any money after you figure out the paperwork then that is great. If you do owe money then pay it. And, if you cannot afford to pay the amount of taxes that you owe then make payment plans with the IRS. The worst thing you can possibly do is try to hide from a tax problem.
Filing Taxes This Year
As soon as it is tax season again you need to sign up with someone for help. If you are low income, disabled, or over a certain age then you can get help for free. There are a lot of free taxes services out there. One of the best places to seek free taxes services is at your local library. Some libraries host the AARP who help people do their taxes. It only takes about 20 minutes as long as you have all of your forms. Do your taxes early this next year so you do not find yourself in this tax predicament. It doesn't feel good to have the IRS hanging over your head for any reason. Make sure that all your information is correct on the tax form.
Again, if you have not filed your taxes after you filed an extension then you need to get on it. The first step is gathering all of your IRS and tax paperwork. Then, you call the toll free IRS number. Ask them where the closest office is so you can get help and they will tell you. Then go there and finish your tax return. Pay the rest of your fees and mail your taxes. And, you are done. Until next year.