What to do if you forgot to file your taxes

April 17, 2015

If you woke up April 16th without having finished your taxes, don’t panic, but do take action soon. The longer you wait to file, the more problems you may have.

So, file as soon as you can.

Filing electronically is always your best bet, and there are a few different ways to file for free. There are consequences to not filing, especially if you owe tax. Which gets us to the second point:

If you owe taxes, pay what you can, as soon as you can.

Not filing doesn’t mean you don’t have to pay. Penalties and interest start accumulating as soon as the deadline passes, so if you can pay some of your debt when you file your return, it’s a good idea.
Depending on when you can pay the debt, and how much you can afford, you have several payment options.

So, take action, do it soon, and set an alarm for April 14, 2016.

Other Resources:

IRS Tax Tip: What to Know about Late Filing and Late Paying Penalties

Consequences of Not Filing

Can’t pay your taxes?

Tips for choosing a tax preparer