You’ve heard it time and time again: if you’re late on your taxes, it’s in your best interest to file as soon as you possibly can—even if you can’t afford to pay your taxes just yet.
The penalties imposed by the IRS and state governments for not filing are FAR more severe than the penalties for paying late.
Right after that, the second thing you should do is not panic. Generally, the worst thing that will happen if you file late will be a few penalties and the interest that accrued on the tax bill you haven’t paid yet. While this can be a pain, it isn’t the end of the world and most individuals can “dig themselves out”.
Note that if you owe a substantial sum to the IRS and you haven’t filed yet, this is one situation where we at EasierTaxes advise readers to seek the council of a professional accountant. If you owe $20,000 or less, go ahead and file your taxes online.
Can I File My Taxes Online Late?
Yes. You can generally E-File your taxes until October 15th. Unfortunately, after this date the IRS halts all online tax filing, so you’ll have to do it the old fashioned way and mail in a hard copy return.
However—this is the good news—you can still take advantage of tax preparation software, even if you’re filing after October 15th. Instead of submitting your taxes online, you’ll just have to tell the software to print out the forms, pop them in an envelope, and send them out in the mail.
You Might Not Even Incur a Penalty
Did you know that in some situations you might not even incur a penalty for filing your taxes late? For example, if you’re going to receive a refund on your taxes, you won’t see any additional fines or penalties—as you might have guessed, the IRS is only interested in getting on your case when you owe them money.
The Sooner You File The Better
As we’ve established, not filing is the worst thing you can do—and the sooner you file, the better. The fastest way to get your taxes done and sent to the IRS is to use easy, user-friendly tax preparation software.Social tagging: E-File > file late taxes online > file taxes online > late taxes > tax penalties