Missed the Income Tax Deadline – IRS Offers Help for Taxpayers

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

•   Don’t panic but file assoon as possible. If you owe moneythe quicker you file your return, the less penalties and interest you will haveto pay.
• E-file is still yourbest option.  IRS e-file programsare available for most taxpayers through the extension deadline – October 15,2012.
•  Pay as much as you areable. Taxpayers who owe tax should pay as much asthey can when they file their tax return, even if it isn’t the total amountdue, and then apply for an installment agreement to pay the remaining balance.
• Installment Agreementsare available.  Request apayment agreement with the IRS. 
• Penalties and interestmay be due.  Taxpayers whomissed the filing deadline may be charged a penalty for filing after the duedate. Filing as soon as possible will keep this penalty to a minimum. And, taxpayers who did not pay their entire tax bill by the due date may becharged a late payment penalty. The best way to keep this penalty to a minimumis to pay as much as possible, as soon as possible. Although it cannot waiveinterest charges, the IRS will consider reductions in these penalties if youcan establish a reasonable cause for the late filing and payment.
• Refunds may bewaiting. Taxpayers should fileas soon as possible to get their refunds. Even if your income is below thenormal filing requirement, you may be entitled to a refund of taxes that werewithheld from your wages, quarterly estimated payments or other specialcredits. You will not be charged any penalties or interest for filing after thedue date, but if your return is not filed within three years you could forfeityour right to the refund. 

Lookingfor an experienced and licensed by IRS tax preparer? As always we are availableto help. For no obligation free consultation contact us today!ABATax AccountingAbatax81@gmail.comDirect612-282-3200Tollfree 866-936-0430http://abatax81.blogspot.com