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Practical Money Matters Radio Series

February 3, 2014
Take Tax Deadlines Seriously


Understand why you should adhere to tax deadlines and what you should do if you miss them.

Transcript

You must file your federal tax return (or request an extension) by midnight on April 15, or suffer penalties. You could be charged an additional 5 percent of taxes owed for each full or partial month you're late, plus interest, up to 25 percent.

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If you can't pay on time, contact the IRS to keep payment options open, such as:\n

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  • Short-term extensions if you can't pay the full amount within 120 days,
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  • Installment agreements if you need longer than 120 days, and
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  • In certain hardship cases, you might be able to negotiate what's called an 'Offer in Compromise' to reduce the amount owed.

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Bottom line: Not paying your taxes on time - or at least filing an extension - could leave you in a world of financial hurt.


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