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The Consequences of Filing Taxes Late

Missed the Tax Deadline?

Getting your tax return in past the due date can mean trouble, beginning with a late filing penalty. Unlike delinquent charges from other companies you might deal with, an IRS late filing penalty isn’t easy to get adjusted. If you do receive a notice regarding charges due, including a penalty for filing taxes late, there are a few things to keep in mind. In order to understand the entire process, let’s start at the beginning.

You File Taxes Late

Let’s say that you time simply got away from you and you file late taxes (for future reference, you can always file for an extension if you think you’re going to miss the deadline). You don’t necessarily need professional assistance if your lapse is taken care of early on; you certainly don’t require instructions on “how to file late taxes”. Simply complete your income tax return and get it in expeditiously.

Delinquent Tax Details

While you might wonder “what is the penalty for filing taxes late?” there is more than one fee to be concerned with. If you owed money for your taxes, that sum was due by the filing deadline. Charges for IRS late filing include not only penalties, but interest. And while this might seem like the same thing, IRS penalties for late filing are punitive; interest is calculated based on the lapsed time from the filing due date.

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Contesting the Penalty for Late Taxes

You might have a very good reason for not filing your taxes on time. This doesn’t mean if your daily routine was too hectic or you were on vacation that you’ll be excused. But if you can verify that during the time leading up to the filing deadline you were handling a family emergency or a personal crisis, you may be able to contest the IRS penalty for late filing. Depending on the circumstances of your situation, your case for such an adjustment may be strong. Before taking action, though, consider professional assistance when requesting penalties for filing taxes late be adjusted.

Professional Consideration

So, you’re past “can I file taxes late?” and you’ve moved on to, “how do I get late penalties adjusted?” At this point, your best action plan should involve a licensed tax professional. This individual can not only help with filing and paying income taxes late, or simply filing late tax returns, but can also work on your behalf to get late penalties adjusted. This adjustment, or abatement, requires a thorough appraisal of the circumstances which prevented you from getting your tax return in on time.

Another consideration when moving forward with an IRS resolution is any additional delinquency you may be dealing with. While you might be concerned with filing tax return late, you may have additional years to address – or even an old tax debt that you’re not even aware of. A licensed tax professional can verify your status with the IRS and handle everything at one time. At the end of the day, having peace of mind may be just as important to you as getting your tax return filed.

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