How to Deal With a Missed Tax Deadline
The best way to handle a missed tax deadline is to deal with it immediately. Procrastinating only makes the situation worse. You'll end up paying more in late payment fees, late filing fees and interest. Here's what to do when you miss a tax deadline.
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Instructions
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Send your tax payment immediately. The longer you wait to pay your outstanding liability, the more interest and penalty charges accrue. Write your Social Security number and tax payment year on your check. This helps the government apply payment to the correct account.
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File the tax documentation. Since you have already missed the tax deadline, it's too late to file an extension. You must complete the proper tax forms and file them as soon as you complete them. If don't know which form to complete, visit the IRS website. If you've missed both the federal and state tax deadlines, visit your state's department of taxation website to download the proper forms.
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Follow up with the government agencies to ensure that the appropriate funds were matched with the right tax documentation. Confirm that your tax liability is paid in full. Check your bank account to make sure the funds were withdrawn and keep any canceled checks as proofs of payment.
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Tips & Warnings
Keep in mind that an extension doesn't excuse late tax payment. An extension provides more time to file the paperwork, but you must pay the tax liability by the April 15th tax deadline.
Interests and penalties accrue from the date the taxes are due. If you missed the tax deadline, send in the money as soon as you can to avoid further charges.
