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The date for submission of tax returns for 2007 is April 17th. In case you miss
the deadline for some reason you must still file a return as soon as possible.
In case you owe taxes the IRS will impose fines, interest on money owed, and
penalties. However, if a refund is due then interest and penalties will not
be imposed. The IRS rules state that to get a refund you must file the return
within three years of the due date.
For late filing of tax returns you may need:
• Form 4868 – application for automatic extension of time to file US
Individual Income Tax return.
• Form 4848 (SP), application for a Spanish version.
• Form 1127 application for extension of time for payment of tax.
• Form 2350 application for extension of time to File US Income tax.
When filing a late tax return you must:
• Request for an extension of time to file the return. The four month
extension is only for filing, all taxes that are due must be paid in full.
Request for an extension can be made by calling: 1-888-796-1074. Or, e-file form 4868.
Or mail a form to the IRS using certified post.
• If you are unable to pay the taxes due in full, request the IRS for
account resolution packages. Request permission to pay the taxes due in installments.
Never avoid filing a tax return.
• Be honest and file accurate returns and find out from the IRS what
procedures are to be followed for late filing of tax returns.
• If the procedures for late filing seem too complicated consider taking
the help of a tax professional who has several years of experience dealing with
late filing of tax returns and knows the laws inside out. Tax professionals will
be able to deal with incomplete documentation and deal with IRS negotiations
regarding your taxes, penalties, or interest.
• Find out all about IRS tax penalties and interests charged. Considerable
information is at the IRS web site.
• Before you file late tax returns find out what the “statutes of limitations”
are and plan your tax strategy taking these into consideration.
• Check your returns thoroughly and ensure that all documents are in place.
• Sit down and plan on how you will get out of tax debt. And in case there
is an IRS investigation, levy, or lien how you are going to present your case.
• Take the help of tax professionals and plan on how you will get out
of trouble and streamline your tax payments so that you get back on schedule.
Review your overall tax situation and find ways to reduce your taxes, make tax
payments in time, and organize your financial documents in a way that you are
able to file tax returns on time every time.
About Author
Barry Allen is a freelance writer for Online Tax
Firm, the premier website to find tax, return tax, tax software, free tax filing, sales tax,
services tax,income tax, property tax and many more.
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