Did you make the deadline?

Hopefully your tax returns are filed and behind you for another year.  If not, you probably requested an automatic extension of time to file.But . . . what should you do if you procrastinated and just let the day slip by without filing or extending?

• Prepare your taxes as soon as possible to determine whether you’re expecting a refund or you need to pay tax!
• If you’re expecting a refund (and the data held by the IRS support that expectation), the agency won’t penalize you for being late so no worries there. Don’t wait too long though; eventually the government will just accept it as a contribution towards the national debt and won’t even thank you for your donation.
• If you need to pay tax, send your payment to the IRS as soon as possible. The IRS charges penalties and interest for late payments.  Mail your payment with Form 1040-V, noting your social security number and 2012 Form 1040 on your check.
• Other methods of payment include direct debit from your bank account if you eFile, or payment by credit card (be prepared for a processing fee to pay by credit or debit card though).
• If you owe more tax than you can pay, send as much as you can afford to minimize late payment penalties and interest.  Request a payment plan to pay the remainder, either online at the IRS website, or on Form 9465.
• If you receive a bill from the IRS, don’t ignore it!  You can resolve it with the IRS yourself, or seek the help of a CPA or attorney if necessary, but the problem will only escalate if you don’t take action.

If you need the support of a CPA, the team at Patrick & Robinson CPAs is here to help.  Contact us at Office@CPAsite.com or 904-396-5400.