Filing a tax return is an obligation for all the US citizens. Sometimes you might not be able to file the tax returns on time. This kind of situation makes you anxious about the consequences. Take a deep breath, there is no need to get scared or helpless. Filing a late tax return can be easier than you think. Just make sure that you file the complete tax returns which are due. Depending on your situation, you may even qualify for an IRS payment plan or installment agreement.
How to Pay the Late Tax Payments
There are many different ways you can make a tax payment:
- Credit Card
- Money Order
- Electronic Funds Transfer (Eft)
- Cashier’s Check
If you do not file your past due returns or pay your back taxes, be prepared for the IRS to take further actions against you.
Benefits of filing your Returns Promptly
- If you do not file the tax returns which are due within three years time, you could lose the right to your refund money.
- If you are self-employed, failing to file a return can result in receiving no credits for Social Security benefits.
Taxpayer who cannot afford to pay their entire tax bill should still file their returns to prevent further filing penalties.
Professionals at Tax Help MD will generally work with IRS to set up an installment agreement payment plan or other type of compromise.
E-Filing a Late Tax Return
You can e-file your tax return up to 6 months after the original filing deadline. This gives the people who got a tax extension the opportunity to file online. After that date (October 15th), the IRS shuts down the e-file server and begins preparing for the next tax filing season. Therefore, you will need to file a paper tax return beyond that point.
Tax Help MD helps you to file your late tax returns. Simply talk to our professionals, they will guide you through the whole late filing process.