It is now a little over three months since the income tax filing deadline and you still haven’t tackled that onerous task. Well hurry up and file as soon as you can because if you do happen to owe taxes the interest and penalties are piling up. If by chance you are owed a refund, there is no penalty. But why not file and receive your money so you may use the money rather than allowing the IRS (Internal Revenue Service) to use your money for nothing (they do not pay you interest on any monies they owe you since you did not file in a timely manner).
Many individuals detest the yearly task of preparing and filing their income tax return so you are not alone in your procrastination. Most eventually bite the bullet, prepare their return and many discover they are getting a refund rather than owing. This is a great result and then there are no penalties for filing late plus the added bonus of receiving money back makes completing this annual task almost worth the effort.
Do not wait too long however to file thinking that because you have a refund coming everything is okay as it might not be. If you wait and don’t file your return within three years, you might end up losing your refund being too much time has elapsed.
The fastest and most efficient method to file your late return is by e-filing. The IRS has concluded e-file is the safest, fastest and most accurate means to get your return filed. You may e-file until October 15 and you will receive an e-file confirmation that the IRS has received your return. Additionally, if you choose to have your refund direct deposited you typically should receive your refund within approximately 21 days.
On the other hand if you owe taxes but cannot pay your entire bill, it is much better to send in as much as you can when you file. Then as soon as you are able pay the remaining balance to avoid further interest and penalties.
So stop procrastinating and get your late return filed as the next income tax season is only a little over five months away!
Submitted by Kathryn Shrader
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