Hurry – Don’t Miss the October 15 Extended Tax Deadline!
Every year, millions of Americans requested a tax filing extension earlier this year. If you’re one of them, now is the time to get that tax return done. The October 15 deadline is fast approaching, and it’s important to be sure your tax return is submitted on time to avoid IRS penalties and interest.
RELATED: The IRS penalties add up, so try to avoid them. Look at this success story of penalty relief.
Filing your taxes just might seem overwhelming, especially for business owners, rental real estate holders, and investment holders. But there’s still time to gather your documents, organize your records, and complete your return. Whether you’re a small business owner, a freelance gig worker, or a regular employee, the extended filing requirement still applies.
Hurry Tax Deadline October 15, IRS Tax Attorney (Naperville IL)
If you need assistance, Tax Law Offices can refer you to one of our network CPAs or tax return preparers. Now is the time to act.
If you’re due a refund, there is usually no penalty for filing your Form 1040 return late. However, delaying means you’re postponing receiving money that’s rightfully yours. Also, waiting too long could jeopardize your refund altogether.
For those who owe taxes, the October deadline is still important. You could also be subject to failure-to-file penalties, to pair with your failure-to-pay penalties. Even if you’re unable to pay the full amount right now, filing your return on time can help you avoid additional fees and give you more options for repayment plans.
What If I Owe Tax? Can I Have a Payment Plan?
Tax resolution options are available if you owe taxes, and need some form of relief from the IRS. These more widely-known options provide solutions to reduce or eliminate tax burdens and avoid severe penalties such as wage levies (seizures) or tax liens that attach to your property.
Installment Agreement – One popular option is the “Installment Agreement”, where you can pay off your tax debt over time in smaller, more manageable payments. Later, if your situation changes (like if your income decreases), you can revisit your agreement and maybe achieve an even lower payment.
Offer in Compromise – An IRS “Offer in Compromise” (OIC) is great if you are managing tax liability with significant financial hardship. The OIC is possible when you cannot fully pay the liability, even in an Installment Agreement. This OIC option allows you to settle your IRS for less (sometimes much less) than you owe.
Currently Not Collectible – Another option is the “Currently Not Collectible” (CNC) status, which temporarily halts IRS collection efforts if your financial situation shows that you are unable to pay. Note: The IRS will revisit this status from time-to-time, to see whether your ability has changed.
Penalty Abatement – Also, there is “Penalty Abatement”, which is the removal or reduction of penalties. This always works better if you have a reasonable cause for missing payments, such as medical issues, bad tax advice, or natural disasters. Note: This option is usually more successful if you file by the deadlines. But be careful that you don’t squander a one-time opportunity, simply because you did not get the correct help.
There are other options. Seeking professional assistance from tax resolution experts can help you navigate these options, to find your best, most advantageous result.