All right, so Tax D-Day, aka April 15th, has passed you by and you haven't quite done anything yet. Here is what you should do if for some reason you failed to file a tax return or extension request.
What if You Didn't File Anything With the IRS?
Let it be known that the Internal Revenue Service can be easy to "tick off" if you do not file your tax return on time. But even if you are not able to pay, a tax return or extension filed is better than nothing at all. The IRS, as a worst case scenario, can try to get remunerated by putting you on a payment plan of sorts. Failing to file anything, however, can lead too more unwanted attention from the agency than you could possible want to receive.
In general, you should always try to pay your taxes whenever possible. Failure to do so can lead to brutal penalties and interest charges. If the IRS thinks you are up to something funny, the penalties and interest can add up to 25 percent of your tax bill. That is a big chunk of change! If you are expecting a refund, but somehow were not able to file your taxes, then there is nothing to worry about with regards to penalties and interests. Good news, guess you don't have to pay fees and interest after all. That being said, are you nuts? What you have just done is tantamount to giving Uncle Sam a loan with ZERO INTEREST! You could be using that money for so many other things -- kids' college education, paying utility bills, SO MANY OTHER THINGS, GOSH DARN IT!
If the IRS suspects that you are plotting some kind of monkey business behind their back, the fees and interest can be a good one quarter of your total taxes. And that...is a daunting dollop of dinero, if you ask me. If you are due a refund, but just did not get around to filing your taxes, you do not have to worry about penalties and interest. Since the IRS owes you money, you do not owe fees nor interest. (you can hear a pin drop) ARE YOU OUT OF YOUR MIND? If this does indeed sound like you, then you must be smoking the wacky tobacky -- you have just given the government a loan with no interest whatsoever! What could you be using that money for in your daily life? Get off the couch and get a return filed so you can get your money back. For obvious reasons, few people let refunds sit at the IRS. If you are insanely lazy, keep in mind you will lose the refunds if you do not claim them within three years of the original filing date. Sorry to be blunt, but only an idiot or somebody living in a permanent stupor would allow this to happen! You have options in the event that you owe taxes but are "strapped for cash" for one reason or another. Credit card payment is indeed accepted by the IRS as an alternative -- we blank you not on this one! Credit cards carry stratospheric interest rates and at the end of the day, are unsavory compared to other options. However, consider that credit card companies cannot, and will not perform an audit! The IRS is not the Mephistophelean figure many would like to see them as -- okay, they're not exactly saints either, but they are reasonable enough to give certain people time to pay all their taxes. To avoid the possibility of a fire-breathing taxman on your trail, you need to do one thing, even if you cannot pay yet -- file that return!
What if You Didn't File Anything With the IRS?
Let it be known that the Internal Revenue Service can be easy to "tick off" if you do not file your tax return on time. But even if you are not able to pay, a tax return or extension filed is better than nothing at all. The IRS, as a worst case scenario, can try to get remunerated by putting you on a payment plan of sorts. Failing to file anything, however, can lead too more unwanted attention from the agency than you could possible want to receive.
In general, you should always try to pay your taxes whenever possible. Failure to do so can lead to brutal penalties and interest charges. If the IRS thinks you are up to something funny, the penalties and interest can add up to 25 percent of your tax bill. That is a big chunk of change! If you are expecting a refund, but somehow were not able to file your taxes, then there is nothing to worry about with regards to penalties and interests. Good news, guess you don't have to pay fees and interest after all. That being said, are you nuts? What you have just done is tantamount to giving Uncle Sam a loan with ZERO INTEREST! You could be using that money for so many other things -- kids' college education, paying utility bills, SO MANY OTHER THINGS, GOSH DARN IT!
If the IRS suspects that you are plotting some kind of monkey business behind their back, the fees and interest can be a good one quarter of your total taxes. And that...is a daunting dollop of dinero, if you ask me. If you are due a refund, but just did not get around to filing your taxes, you do not have to worry about penalties and interest. Since the IRS owes you money, you do not owe fees nor interest. (you can hear a pin drop) ARE YOU OUT OF YOUR MIND? If this does indeed sound like you, then you must be smoking the wacky tobacky -- you have just given the government a loan with no interest whatsoever! What could you be using that money for in your daily life? Get off the couch and get a return filed so you can get your money back. For obvious reasons, few people let refunds sit at the IRS. If you are insanely lazy, keep in mind you will lose the refunds if you do not claim them within three years of the original filing date. Sorry to be blunt, but only an idiot or somebody living in a permanent stupor would allow this to happen! You have options in the event that you owe taxes but are "strapped for cash" for one reason or another. Credit card payment is indeed accepted by the IRS as an alternative -- we blank you not on this one! Credit cards carry stratospheric interest rates and at the end of the day, are unsavory compared to other options. However, consider that credit card companies cannot, and will not perform an audit! The IRS is not the Mephistophelean figure many would like to see them as -- okay, they're not exactly saints either, but they are reasonable enough to give certain people time to pay all their taxes. To avoid the possibility of a fire-breathing taxman on your trail, you need to do one thing, even if you cannot pay yet -- file that return!
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