Life happens, and sometimes deadlines get missed. It happens to the best of us, and thankfully ORT Consulting can help you get your taxes back on track. As soon as you realize that you missed the tax deadline, you should take the following steps:
Reach Out to ORT Consulting
Although anything filed after April 18th is considered late if you did not file for an extension, you should still file your taxes as soon as possible. You will be charged a late penalty for each month you do not file your taxes.
You will be responsible for paying a failure to file a penalty and a failure to pay a fine. Failing to file a penalty will cost you 5% of your unpaid tax burden, while the failure to pay a fine is charged at 0.5%. We advise paying these penalties swiftly because the IRS will charge interest on all penalties.
Apply for an Installment Agreement
Some individuals may put off filing their taxes because they cannot pay the taxes that they owe. You can apply for a payment plan with the IRS to avoid additional penalties or fees. Using an installment plan can be done directly on the IRS website, and you will be approved immediately upon completing the online application.
Take Steps to Prepare for the Next Tax Season
You must take steps immediately to ensure your taxes are filed on time next year. Paying penalties can become costly and land you into hot water with the IRS. If you owed too much in taxes this season, you should contact your HR Department to update your W-4 withholding amount. Increasing the amount withheld from your paychecks means you will owe less come tax season.
Regardless of your financial situation, ORT Consultants can make tax prep a breeze. Please contact our office at (773) 637-8802 to schedule an appointment with one of our staff. We can discuss your tax-related needs and set up a game plan to get you back on track. Our professionals can handle your tax return, so you have less on your plate to worry about.
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