preparation, IRS, income tax — April 24, 2015

Doing Taxes A.D. (After the Deadline)

by Bob Williams

Doing taxes after the deadline

That’s right, April 15 is long gone. Hope that doesn't scare you, because in most cases, there’s no need to be scared at all. While it’s a little early to retire to the hammock on your back lawn just yet, you’ll be there soon enough. And we can help clear up any post-tax-deadline blues.

If you got an extension from the IRS, congratulations! You get an express ticket to the hammock and a free iced tea. We’ll talk later.

If you did not get an extension but still need to file, stick around and listen up.

First, you need to know that if you are due a refund, the IRS won’t fine you if you file after the April 15 deadline. In all cases, though, it’s in your best interest to file as soon as you can. If you expect a refund, the sooner you file, the sooner you get it.

If you owe tax, filing sooner will stop any interest or penalties that you may owe from building. Oh, and if you have tax due, the IRS says pay as much as you can when you e-file, then pay the rest as soon as possible. The sooner we file and pay, the smaller the amount the IRS will add on for paying after the deadline.

Is paying your taxes a problem? You can apply for an IRS installment agreement, so you can pay your tax bill over time. You can apply online, and get set up in no time.

So that’s it. Really. And is open 24 hours so you can do your return whenever it’s convenient for you. Everybody got their iced tea? Great!

Ah … we gotta get a bigger hammock …

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