WHEN ARE TAXES DUE

Your income tax paperwork and any taxes you still owe must be mailed to the IRS (and your state tax board if there is one) by April 15 each year. You can send your tax forms in early, especially if you think you will get a refund.

If you owe taxes, that money is due by April 15th, whether or not you send in the forms by that date. The longer you wait, the more money it will cost you. If you file late, you will pay a fee (“penalty”) of 5% of what you owe, each month you are late. You will also be charged interest on the money you owe.

If you cannot make the April 15 deadline, you can file a Form 4868 for a four month extension. You can also send a check with an estimate of what you think you owe to avoid paying penalties or interest.

If you know for sure that you have money coming back to you from your taxes, you can file late. You will not pay a penalty. But you only have three years to file. If you do not file within three years, you lose your money.

If you owe money but cannot pay it, you should still send in a tax return and ask for a payment plan. You will still pay interest for being late, but it will cost less than if you do not file. Use Form 4868 to ask for an extension.

If you have not filed your taxes for several years, do not be afraid! You can work out a payment plan with the IRS. A tax advisor can help you come up with a plan that will work for you and the IRS.

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