If you filed for a tax return extension in April, your tax return must be filed by October 15th. If you do not file by October 15th you will accrue additional fees and make your IRS tax debt significantly worse. A common problem that many taxpayers face is the inability to file their tax return before the deadline as they do not have the money to pay. However failure to file tax returns may be considered a criminal act by the IRS, punishable by one year in jail and $10,000 for each year not filed.
If this is your situation and you are feeling the stress of not being able to pay off your taxes, the worst thing you can do is not file your return before the deadline! You want to save yourself from owing additional back taxes and IRS penalties. You need to seek tax help from an expert tax resolution specialist. Here is a quick checklist of what you need to do before October 15th, if you want to avoid adding onto your tax debt:
- Find out whether you owe the IRS more back taxes or if you’re due for a refund. If you overestimated your back taxes in April, you’ll get a tax refund as soon as you file your full 1040 tax return.
- A certified tax specialist will have the software you need to calculate both state and federal taxes.
- Get your paperwork in order. An advantage for filing an October 15th tax extension is that you have more time to collect the final paperwork you need.
- Act quickly or the IRS will. If you don’t file a tax return by the October 15th tax extension deadline, the IRS may file one for you.
- If you owe back taxes for more than one year, all your prior tax returns must be filed to be eligible for income tax relief. All back tax returns must be filed before the IRS will entertain any type of tax settlement.
- This is your last chance to file and extension for your current tax return.
To make sure you resolve your back taxes and IRS problems, you need to act now!
- File your tax return on or before October 15th. This will ensure that the IRS cannot slap on a 25% failure to file penalty and it will create a computerized record that you filed on time and made a good faith and credible effort to pay your taxes.
For a delinquent taxpayer, it’s never too late to resolve your tax debt and avoid IRS penalties.
I’m dedicated to providing affordable expert tax help. For more information on achieving a tax resolution for your tax problems, or a free tax consultation call me today on (310) 283-3767.
Tax Time Tips 