What To Do If You Haven’t Filed Your Taxes

Tax season is almost over, but if you are one of those who haven’t given it a thought, you may be wondering how you can possibly get everything done by Monday. As CNN Money shows in “Your taxes are almost due!” there are solutions available even at the last minute.

Filing An Extension

Filing an extension is a free option that is available to everyone, but not everyone is aware of the possible consequences. It is true that this allows taxpayers an additional six months to file their taxes, but that is only an extension of the time you have to file – not the time you have to pay your bill. It may seem counterintuitive, but if are you going to owe on your taxes, then you will start accumulating interest and penalties on the amount that is unpaid immediately after the April 15 deadline, and there is no way to extend that. Of course, this is not a concern if you are expecting a refund, but if you are going to owe then you may want to consider sending in a payment based on what you think the total bill will be.

Consider Getting Help

Many taxpayers are familiar with how to handle the forms they get every year, but if you get something unusual, you may want to consult a professional tax preparer in order to be sure your taxes are done right. Research your options before choosing one; some firms have had thousands of satisfied customers, while others are proof that the quality of service can be hit or miss. Such specialists will be able to advise you about the tax consequences of anything that may have happened during the year, such as a home mortgage refinance, house purchase or sale, cancelled debt, lottery winnings, and hobby income. Whether your taxes are simple or complicated, taking the time to do it right can save you a lot of trouble in the long run.