The deadline for filing your individual tax return will be April 17th this year. You must ensure that your return is filed no later than this date to ensure that you avoid any late filing penalties that may be levied by the IRS if you wait until after the deadline. TaxSlayer.com is FAST and EASY and can make sure that you maximize your tax refund.
There are a few different scenarios to consider when filing your tax return:
- Filing with a refund:
This is by far the easiest scenario to consider. The IRS owes YOU money; by filing as early as possible you can ensure that the money is in your pocket as quickly as possible. If you are having your refund direct deposited into a checking or savings account you can receive your refund in as little as 8-10 days. With this being said, if the IRS owes you a refund you have up to 3 years to file the return before the IRS disallows it.
- Filing with an amount owed:
If you owe money on your tax return, you should file AND pay the amount due by the April deadline. However, if you are unable to pay the amount due immediately, it is still in your best interest to file the return itself on time to avoid late filing penalties. You can also set up a payment arrangement with the IRS to minimize any interest that you may owe. Regardless of your personal restrictions on ability to pay it is always more beneficial to make sure the return itself is filed by the deadline.
- Inability to file:
there are some extenuating circumstances that make it impossible to file on time. If you are unable to file on time you may be able to get an automatic 6 month extension on the deadline by filing form 4868 Application for Automatic Extension of Time to File. If you owe on your tax return, you can avoid the filing penalty when you file form 4868, however, you may be subject to interest and penalties. In order to minimize your exposure to possible interest and penalties you should send in either a full payment or as much as you can toward your tax owed. TaxSlayer.com makes it easier than ever to file your automatic extension.
By paying careful attention to your specific situation, and using TaxSlayer.com and all of its amazing features, you can ensure that this tax season is as stress free as possible. Get started TODAY.