Missed the Deadline? Helpful Hints

The tax deadline for most taxpayers was April 18th, 2017. If for some reason your client missed the deadline without filing an extension, here are some helpful hints about what to do next.

File and Pay: For a client who owes tax, let them know they should file and pay as soon and as much as possible to minimize penalties and interest charges.

File Electronically: E-file is the safest, easiest and most accurate way to file a tax return. The IRS will send electronic confirmation when it receives the tax return and issues nine out of ten refunds in less than 21 days.

Installment Agreement: Those who need more time to pay taxes can apply for a direct debit installment agreement, Form 9465. To find that form on the Taxware Systems software, go to the Individual Tax program, Forms and Schedules line [78] Installment Agreement and fill out the information there.

Refunds: File as soon as possible to get a refund. Clients who are not required to file may still get a refund if they had taxes withheld from wages or they qualified for certain credits such as Earned Income Tax Credit. Those who don’t file their return within three years could lose their right to the refund.

If you have questions, feel free to contact us!