For most taxpayers who filed for an IRS extension, the deadline came and went this week. If you didn’t file your tax return in time, you may be feeling scared right now. Don’t get scared. Take action! I’ll help you out by asking you two simple questions:
Why did you file for an IRS extension?
If you filed the IRS extension simply because you knew you didn’t have time to do it correctly, then you filed for the right reason. If you filed an IRS extension because you knew you were going to owe, then you filed for the wrong reason.
An IRS extension is an IRS extension to file. Its not an IRS extension to pay.
When you filed for an IRS extension, you should have sent a check for the amount you estimated you would owe. If that number was wrong, you would either have to pay the IRS more money or the IRS would owe you. If you didn’t make a payment before April 15th, you are going to owe penalties and interest now too.
Why did you miss the IRS extension deadline?
Did you simply just run out of time? If you just need more time to file, just keep working on it. You may owe the Failure to File penalty now but if you get your tax return in soon, you’re probably saving yourself a lot of headaches.
If you missed the deadline because you just didn’t know how you would pay your debt, you made the WRONG move! Get your return filed! We can deal with the payment issue later.
The IRS is expecting a tax return from you and you don’t file it, you are just waving that giant red flag in their face. If you can’t pay your whole tax debt, send what you can. Then, let’s figure out how you are going to pay the rest.
There are a lot of tax programs out there for a lot of different situations. Start researching them. Better yet, consult a tax professional. We can help you figure out the best way to handle your missed IRS extension deadline.
Need IRS Help Now? Call me now and let’s see what we can do to fix this!