How to Deal with the IRS If You Missed the Tax Deadline

For many people, the idea of missing the IRS’ tax deadline inspires panic. However, in reality, completing your taxes late isn’t necessarily the nightmare scenario that many fear. (No, agents won’t bust down your door demanding you to file.)

Of course, you should always try to file on time, but if you’re late, the IRS will help get you across the finish line, so to speak. Here’s what you should do to make the process as painless as possible:

Contact Them ASAP

Your failure to file won’t go unnoticed by the IRS. Eventually you will most definitely be contacted regarding your missing taxes. (Side note: the IRS will always initiate correspondence via mail, never by phone).

Bottom line? Don’t try to hide. Get ahead of the situation by contacting them as soon as possible. Taking initiative will show that you’re aware of the issue and serious about filing.

Be Courteous When Speaking to An Agent

You might be upset about being unable to pay what you owe, or maybe irritated that you even have to file in the first place (we’ve probably all had the latter experience). However, if you deal directly with IRS agents, remember that they are people, too.

This is especially important when explaining your case. If a major life event such as a death in the family or natural disaster prevented you from filing, you may be able to waive your late penalties. So treating IRS agents with respect will only help you.

Pay As Much As You Can

No matter your financial situation, it behooves you to pay the IRS what you can as soon as possible. The more you pay them up front, the less you’ll owe in late charges. Remember, you can also request a repayment plan. The IRS offers a few different options with varying fees, so you actually have some flexibility in picking a plan that fits your particular situation.

BALANCE
April 2018