Four Things to Do if You Have Missed a Filing Deadline

Tax Attorneys in ChicagoMissing a tax deadline is an issue that a substantial number of people deal with every year. While it is probable that you will be assessed interest and penalties for your late filing, missing the deadline does not have to compound into a larger, more serious issue. Here are four things that you should do if you have missed the filing deadline.

Submit Your Return ASAP

While your return is late, it is still in your best interest to get it in as soon as you can. Each month that passes means more interest on your outstanding debt as well as additional late filing penalties.

Determine When you Can Pay our Bill

If you are unable to pay your back taxes, it is a good idea to take the time to determine how long it will take you to pay them off, for a couple of reasons. First of all, it will force you to determine how much you can afford to pay each month. Secondly, it will give you a starting point in establishing a payment plan with the IRS1 should you need to enter into one.

Determine How You Will Pay Your Debt

In the event that you owe back taxes, you should contact the IRS as soon as you can to make payment arrangements. If you are planning on paying your debt off in full, just send the agency a check or call them if you would prefer to pay using a credit card. In the event that you want to set up a payment plan, you should fill out and submit Form 94652 and determine how much you can afford to pay each month.

Consider Getting a Loan to Settle Your Back Taxes

Back taxes accrue interest and penalties, so it may cost you less to take out a loan in order to pay the IRS in full than it would to pay your debt through an installment plan. Contact various lenders and try and find a rate that would allow you to pay less over the term of the loan than you would pay the IRS on your installment plan.

Call an IRS Tax Debt Attorney Today to Schedule a Free Consultation

If you have unfiled returns or a facing action from the IRS, you should speak to an attorney as soon as you can. To schedule a free consultation with tax attorney John Buchmiller, call our office today at 312-548-8759 or contact us online.

1 https://www.irs.gov/

2 https://www.irs.gov/pub/irs-pdf/f9465.pdf

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