MISSED TAX DEADLINE – APRIL 17, 2012 – OPTIONS AND HELP FOR TAXPAYERS

The last date to file your tax returns was April 17, 2012 and if you missed the deadline here are some options that might help you:

1. File your taxes ASAP- If you owe taxes files your taxes right away. The longer you wait to file your taxes the more you have to pay the IRS in interest and penalties. So, to avoid the high fees the sooner the IRS receives the return the better
2. EFILE your taxes – To make sure the IRS receives your tax filing soon, EFILE your taxes which can be done till October 15, 2012
3. File your return for free – If your income was less than $57,000 you can qualify to file your return for free through IRS Free File. For taxpayers who earn more than $57,000 and can file their own tax returns, you can use the Free fillable forms on IRS' website which allows you to do basic math calculations to complete your taxes.
4. Pay the most you can of your taxes – For taxpayers who owe the IRS, it is wise if you can pay as much as possible even though it is less than what you owe. After you pay the most, apply for Installment Agreement for the remaining balance. Taxpayers who file and pay late have to pay a penalty and interest. This will keep your tax penalty low.
5. Installment Agreement – Taxpayers who owe money and cannot afford to pay the full amount at once, can request a payment agreement with the IRS. You can file by mail using form 9465 or you can do it online on irs.gov in the IRS Online Payment Agreement Application section. Although, the installment agreement will not waive the interest charges you owe but the IRS can reduce the interest and penalty charges if there was a reasonable cause associated with low payment.
6. You may be due a Refund - You may be due a Refund from the IRS even if your income in below the normal filing requirements due the amounts withheld from your wages, quarterly estimated payments or due to special credits. For taxpayers who are due a Refund, you will not be charged any interest and late payment penalties but can forfeit your refund if you do not file your return within three years.