IRS Tax Tips for Those Who Missed the April 15 Deadline

The Internal Revenue Service has shared seven tips for taxpayers who missed the April 15 deadline for filing tax returns. They are printed in full below, courtesy of the IRS:

File as soon as possible. If you owe federal income tax, file and pay as soon as you can to minimize penalties and interest charges. There is not penalty for filing a late tax return if you are due a refund.

Penalties and interest may be due. If you missed the deadline, you may have to pay penalties and interest. The IRS may charge penalties for late filing and for late payment. The law generally does not allow a waiver of interest charges. However, the agency will consider a reduction of penalties if a taxpayer can show reasonable cause for being late.

E-filing is the best option. The IRS suggest taxpayers to e-file, which the agency contends is the easiest, safest and most accurate way to file. Taxpayers who e-file will receive confirmation that their tax returns have been received. Additionally, the IRS will typically issue a refund to those who are due one within 21 days.

Free file is still available. If your income is $57,000 or less, you can qualify to e-file your return using free brand-name software. If you make more than $57,000 and intend to prepare your own return, use Free File Fillable Forms on the IRS's website. This program uses the electronic versions of paper IRS forms.

Pay as much as you can. If you owe tax but can’t pay it all at once, pay as much as possible when you file your return. Pay the remaining balance as soon as possible to avoid further penalties and interest charges.

Installment agreements are available. If you need more time to pay your federal income taxes, you can request a payment agreement. Apply online using the IRS Payment Agreement Application tool.

Refunds may be waiting. If you’re due a refund, you should file as soon as possible. Even if you are not required to file, you may be entitled to a refund. This could apply if you had taxes withheld from your wages or if you qualify for certain tax credits. You could forfeit your right to the refund if you don’t file within three years.