What Happens If You File Your Taxes Late

If you know you are going to miss the deadline to file your taxes, it is important to file an extension in order to avoid penalties associated with late taxes. 

Why File For An Extension

Whenever you file an extension you are automatically granted a later date to file your taxes, protecting you from penalties that can quickly add up to quite a high price. In some cases, the amount you owe can increase 5%, for each month you do not pay your taxes. Whenever you have an extension you do not have to worry about penalties and are granted more time to get your affairs in order.

How Long Is An Extension 

If you file for a tax return before the day your taxes are due, April 17th, 2018, you will be given an additional six months to file your taxes. This is very useful as it gives you more time to gather information and plan your taxes out. If you are behind because filing your taxes properly, causes you anxiety or you are overwhelmed with all of the nuances of your financial situation, contact Sandra King EA to help sort through your information and get you the most out of your taxes. 

What If I Owe Money and Cannot Pay

In the event that you owe money and cannot pay it, this will be the best time to contact an Enrolled Agent, such as Sandra King. Enrolled agents can work with you to make your tax balance that is due manageable for your lifestyle. The options an Enrolled Agent can help you with are 

Penalty Abatement: If your enrolled agent can present a strong enough case in your favor, it is possible to have your penalty fees reduced or completely waived.

Offer-in-Compromise: Depending on your specific tax case, it is possible for your enrolled agent to negotiate a plan to reduce the amount of taxes you owe.

Installment Plan: If you cannot pay your taxes all at once, your enrolled agent can present a payment plan to the IRS to help you pay it off in installments you can afford.

Sandra King Enrolled Agent

Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. You may learn more about enrolled agents in Treasury Department Circular 230(PDF). Before you call one of the large advertisers claiming to solve your problems for pennies on the dollar, take the time to talk to your trusted, local tax expert. We solve IRS tax problems locally and in every state.