By Evan Vitale
Now that we’ve passed the deadline – Monday, April 18, 2016 – for filing your federal, state and local tax returns, what should you do if you didn’t file or if you asked for an extension?
What are you waiting on?
Not filing your tax returns isn’t going to make the problem going away. The problem is still there and you certain don’t want the Internal Revenue Service to file your tax returns for you, nor do you want to get a letter in the mail from the IRS.
Some avoid filing tax returns because they know they are going to owe taxes and don’t have the financial ability to write a check at the same time. That’s OK. A lot of people owe taxes. You should still file your returns and get them in the mail ASAP. This way, you’ll have an exact amount that you owe and you can start working out a payment play with the IRS (yes, they will work with you on a payment plan that fits within your budget).
Filing an extension doesn’t delay the due date on the amount of taxes owed. Many people believe an extension means they don’t have to file tax forms nor do they have to pay until October 15. That is false. Filing for an extension means your forms are due by that date. The amount of tax you owe is still due on Monday, April 18, 2016.
By filing for an extension, you are still responsible for any non-filing penalties that have accrued to that date.
If you need help in getting your tax returns completed – even after the deadline AND even if you are not financially able to pay your taxes – you can visit one of many local tax filing offices that pop up all over the place this time of year or call an accountant to help you.
Don’t delay. Even though you missed the deadline, you are still required to get your returns completed and in the mail.