If you need you file late taxes, you’re not alone. As one of the most commonly missed periods of the year. However, just because many other Americans do the same does not mean it’s a good idea. You should still be hiring a CPA to look over your accounts and make sure you are on the right path towards managing yourself safely.
However, if you are in the category of people who do have to file late tax returns, you should be trying to find some professional assistance right away. Although easier said than done, it’s not something you should avoid.
Why Filing Now Matters
Many people foolishly put off the idea of hiring an accountant or going through their returns with a tax preparer. The end result is a mad rush before or after the deadline, cobbling together what information you can find along the way. Filing now, though, means coming up with a solution that should hopefully mean the IRS take some pity on you.
Filing now also means that you can avoid any specific interests and penalties from accumulating. As a late return you already have some fun, but why let them get worse? Why would this be a good idea?
Also, a major part of filing late taxes is that it enables you for a refund. You risk out on losing refunds on taxes if you do not file your return. You have three years to claim it after putting in your return, so make sure that you keep this in mind when it comes to why you should bother filing in the first place.
We all love a little rebate so don’t forego that potential benefit due to laziness!
If you are really unsure of what you are doing, you should definitely look to hire an accountant.
How to File Late Taxes
So, how do you go about filing the late taxes in the first place?
You simply fill it in the same way that you would if you were on time – it’s like nothing has changed. You don’t need to do anywhere specific, or do anything before you get the chance to file it all away. Make sure that you are as quick as possible, though, as the longer you wait the greater chance of a negative response coming from the IRS.
If you cannot owe what you need to pay, then fear not. The easiest way to correct this solution is to get in touch with the IRS and request an extra period of time – usually between 60 and 120 days. This gives you time to pay the account in full and to make the money that you need to pay off the debt.
Whatever your plan is, filing and dealing with late returns is very important. If you are unsure of any part of the process or you would like some assistance in dealing with these problems, then you should look to hire a tax preparer or a CPA who can help you manage payment.