Another April has come and gone, and you are going about life as normal when you suddenly realize: I missed the April 15 tax deadline! This can feel like an overwhelming and stressful problem, especially when you know that the IRS has a reputation for being an extremely aggressive collector. However, things happen, and the IRS understands that — to an extent. We’ve put together this quick guide as a reminder of what to do if you file your taxes late.
First of all, it’s good to know what happens if you file taxes late. The late filing penalty is significant: 5% for each month that the return is late, capped at 25%. With that in mind, it’s obviously in your best interest to get this taken care of as soon as possible. If you’re not sure where to start or haven’t filed a return for a while, it may be best to consult with a tax attorney to discuss your rights and options.
If you miss the cutoff date for filing (usually April 15, though it was April 18 in 2017), you still have options.
If you missed the April filing deadline and don’t know what to do, consider enlisting the help of a tax attorney to settle your tax issues so that you can take a “hands off” approach and feel confident that your tax problems are being resolved.