When the clock hit midnight on the eve of December 31, 2019, many of us made goals for the new year. The year 2020 was supposed to be a year where we would meet our career goals, travel to new places, take on many new adventures, and meet all of our deadlines. However, 2020 had something else in store for us, and now the year is halfway over. As the days may seem to fly by and deadlines keep changing, many people may have missed the deadline to file and pay their taxes. If you missed Tax Day on July 15, make sure you know what to do next!
Don't wait! Begin filing your taxes immediately.
On July 16, 2020, penalty fees and interest started accruing towards your unpaid taxes. The sooner you file your taxes and pay what is due, including the fees and interest, the less you will have to pay if you keep waiting!
File an extension now!
The IRS expected you to file your taxes on the due date. However, now that July 15 has passed and they haven't received your forms or what you owe, they are more concerned that you forgot about them altogether. Let the IRS know that you are working on filing and paying your taxes by E-filing an extension form. Electronically filing this form will quickly pause the interest accruing on your account and extend your tax filing due date to October 15.
Are you having trouble paying your taxes? Apply for a payment plan!
The IRS understands that it may not always be easy to pay your taxes. Therefore, they offer a few ways to turn your taxes due amount into smaller amounts that you can pay over time. To apply for a payment plan, you will need to fill out Form 9465 from the IRS. Applying does not mean you will be offered a payment plan. Payment plans are offered based on how much debt you still owe the IRS. However, if you cannot pay the full amount due by the tax deadline, a payment plan may be a good option!
2020 is a challenging year due to deadlines being changed, and so much more! Be sure to subscribe to the Symmetry Software Newsletter to keep you updated on the critical tax updates this year!