How to File Late Taxes

Video Transcript

"Hi, we're here to talk about how to file a late return with the IRS. It's really not that difficult. What you need to do is file it in the same manner that you would have filed it originally and then follow up and make arrangements to schedule a payment plan or pay the amount... obviously pay the amount in full if possible, but typically when people don't file, it's because they think they're going to have to pay a large amount of tax, that's not the answer. Go ahead and file even if you can't afford to pay the taxes because at least that will reduce the amount of penalties and the amount of problems that you're going to have with the IRS. You're better off to be up front with them and just tell them, "Hey, I can't pay it. Let's make some arrangements." It's a simple process to just go ahead and file a return. It's much easier in the long run. As far as filing a late return, you'd go ahead and use the same type of form that you would use for your regular filing, be it a 1040EZ, 1040A or a 1040 for itemizing your deductions."