Are you running late on your tax return? “Better late than never” applies when it comes to filing. The IRS knows that people file late sometimes, and it has systems in place to deal with that.

File It ASAP

As soon as you realize you have a past-due tax return, you should prepare and file it.  If you missed a filing deadline from a previous year, this means that you might:

• Accrue interest and penalties
• Miss out on a refund
• Jeopardize your Social Security benefits
• Have an issue if you can’t supply a tax return to a potential lender

If you can’t pay what you owe when you file, you can ask for an additional 60-120 days to pay, or you can apply for an IRS Payment Plan.

What If You Don’t File?

The IRS may file a substitute return for you. If this happens, you may not get all the deductions and credits that you should, and you may end up with a tax bill anyway. Therefore, we advise you to still file a tax return that includes everything, even if the IRS already prepared a substitute return.

Failure to pay will result in your account going into the collection process. This can include the filing of a federal tax lien or a levy on your bank account or wages. If you continue to ignore the bill, you may be subject to additional penalties and/or criminal prosecution.

Need Help?

Any correspondence from the IRS can create a lot of anxiety, as can realizing you missed a tax deadline.  We are happy to handle the entire process of filing back taxes for you to alleviate that stress.  We can also help with tax planning throughout the year, so you don’t have to deal with a past-due return again.

Call our office at (402) 932-8815 for more information or to schedule an appointment.

Sincerely,
W.E. Stevens PC