What should I do if I am filing my taxes late and/or paying my taxes late?

Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved.

Facts About Filing Tax Returns

• Failure to file a return or filing late can be costly. If taxes are owed, a delay in filing may result in penalty and interest charges that could increase your tax bill by 25 percent or more.
• There is no penalty for failure to file a tax return if a refund is due. But by waiting too long to file, you can lose your refund. In order to receive a refund, the return must be filed within three years of the due date. If you file a return, and later realize you made an error on the return, the deadline for claiming any refund due is three years after the return was filed, or two years after the tax was paid, whichever expires later.
• The self-employed, must file returns reporting self-employment income within three years of the due date in order to receive Social Security credits toward your retirement.

Getting Free Help to File Late Returns
The IRS offers free assistance by computer, telephone, facsimile and in person. The IRS can assist taxpayers with obtaining forms, publications, and answers to a wide range of tax questions. To find out more about the free tax services available, refer to Tax Topic 101 (IRS Services – Volunteer Tax Assistances, Toll-Free Telephone, Walk-in Assistance and Outreach Programs).

If you are a wage-earner, and have misplaced your W-2 forms showing your income and income tax withholding, and you are unable to obtain duplicate copies, IRS can often provide you with that information after the annual matching programs are run. Matching programs are run after filing season, and the information is usually available in late August of the year in which the tax return is due.

Disclaimer: The National Small Business Association is in no way providing tax advice. The organization only is providing information. Before filing your tax return or proceeding with any official action, please consult a tax professional.