Missed the tax deadline? 7 pieces of advice - WSFA.com: News Weather and Sports for Montgomery, AL.

Missed the tax deadline? 7 pieces of advice

Posted: Updated:
  • More newsMore>>

  • Marijuana operation busted in Marengo Co.

    Marijuana operation busted in Marengo Co.

    Wednesday, July 23 2014 4:12 PM EDT2014-07-23 20:12:49 GMT
    (Source: Alabama ABC Board)(Source: Alabama ABC Board)
    Agents of the Alabama Alcohol Beverage Control Board found and destroyed several marijuana plants on Wednesday. Agents discovered the plants while exploring a wooded area in the southeastern corner ofMore >>
    Agents of the Alabama Alcohol Beverage Control Board found and destroyed several marijuana plants on Wednesday. Agents discovered the plants while exploring a wooded area in the southeastern corner of Marengo County. A subsequent search of a nearby residence turned up additional cannabis.More >>
  • GM issues 6 more safety recalls

    GM issues 6 more safety recalls

    Wednesday, July 23 2014 3:54 PM EDT2014-07-23 19:54:11 GMT
    General Motors is issuing six more recalls covering a total of almost 718,000 vehicles in the U.S.More >>
    General Motors issued six more recalls on Wednesday, bringing its annual total to 60 recalls covering almost 30 million vehicles.More >>
  • US pushes for truce as Gaza battle rages

    US pushes for truce as Gaza battle rages

    Wednesday, July 23 2014 3:43 PM EDT2014-07-23 19:43:23 GMT
    Dozens of Palestinian families trapped by clashes between Hamas militants and Israeli troops are scrambling to flee a southern Gaza Strip neighborhood as Israel reported that two more of its soldiers have died in...More >>
    Israeli troops battled Hamas militants on Wednesday near a southern Gaza Strip town as the top U.S. diplomat reported progress in efforts to end fighting that has so far killed more than 680 Palestinians and 34 Israelis.More >>

The IRS has some advice for taxpayers who missed the tax filing deadline.

  • File as soon as possible. If you owe federal income tax, you should file and pay as soon as you can to minimize any penalty and interest charges. There is no penalty for filing a late return if you are due a refund.

  • Penalties and interest may be due. If you missed the April 15 deadline, you may have to pay penalties and interest. The IRS may charge penalties for late filing and for late payment. The law generally does not allow a waiver of interest charges. However, the IRS will consider a reduction of these penalties if you can show a reasonable cause for being late.

  • E-file is your best option. IRS e-file programs are available through Oct. 15. E-file is the easiest, safest and most accurate way to file. With e-file, you will receive confirmation that the IRS has received your tax return. If you e-file and are due a refund, the IRS will normally issue it within 21 days.

  • Free File is still available. Everyone can use IRS Free File. If your income is $57,000 or less, you qualify to e-file your return using free brand-name software. If you made more than $57,000 and are comfortable preparing your own tax return, use Free File Fillable Forms to e-file. This program uses the electronic versions of paper IRS forms. IRS Free File is available only through IRS.gov.

  • Pay as much as you can. If you owe tax but can't pay it all at once, you should pay as much as you can when you file your tax return. Pay the remaining balance due as soon as possible to minimize penalties and interest charges.

  • Installment Agreements are available. If you need more time to pay your federal income taxes, you can request a payment agreement with the IRS. Apply online using the IRS Online Payment Agreement Application tool or file Form 9465, Installment Agreement Request.

  • Refunds may be waiting. If you're due a refund, you should file as soon as possible to get it. Even if you are not required to file, you may be entitled to a refund. This could apply if you had taxes withheld from your wages, or you qualify for certain tax credits. If you don't file your return within three years, you could forfeit your right to the refund.

For more information, visit IRS.gov.

Powered by WorldNow