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Miss the April 15th Tax Filing Deadline?

Did you miss the tax filing deadline? The only thing you can do now is to quickly cut your losses by filing now. On the positive side, if you were due a refund you will not have a penalty for filing a late return. If you do owe taxes you should file ASAP and pay as soon as you can to minimize any penalty and interest charges. Here are a few more thoughts to keep in mind as you sit down to file your taxes.

If you missed the April 15th deadline, you might have to pay penalties for late filing plus interest. Keep in mind that the IRS will consider a reduction of these penalties if you can show a reasonable cause for being late. Check the IRS website at www.irs.gov.

If you owe tax but you can't pay it all at once, you should pay as much as you can when you file your tax return. Then you will want to pay the remaining balance due as soon as possible to minimize any penalties and interest charges. If you need more time to pay your federal income taxes, you can always request a payment agreement with the IRS. Apply online using the IRS Online Payment Agreement Application.

Even if you are not required to file, you may be entitled to a refund. An example of this could be if you had taxes withheld from your wages, or if you qualify for certain tax credits. However, if you don't file your tax return within three years, you could completely lose your right to the refund.

Get started now. Go to the ManagingMoney.com Tax Center to compare the Top 3 National Online Tax Providers.

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