Do you need to still file your 2018 Federal Tax Return? If you haven’t filed your 2018 tax return yet, you need to do so as soon as you can. If you have not filed an extension, your return will be considered late, but you could prevent being penalized more by filing your tax return as soon as possible. You should file your tax return even if you can’t pay the taxes you owe. Filing now could help you avoid more penalties and interest on the amount you do owe.
Penalties and interest are only added on unfiled returns if the taxpayer did not pay the taxes they owed by the April deadline. If you haven’t filed and you owe money, you should still file your return and pay as much of the taxes as you can. If you cannot pay the taxes in full, you can look at getting a payment plan with the IRS or getting approved for an IRS resolution that will settle your tax debt. There are options as well that reduce the penalties and interest that have been added to your tax debt.
If a tax return is filed more than 60 days after the April deadline, the minimum penalty you receive is either $210 or 100 percent of the unpaid tax debt, whichever is less. The IRS does offer penalty relief for certain taxpayers. You can reach out to the IRS directly or through a tax attorney to determine if you are eligible for penalty relief. For instance, taxpayers who have a history of filing their tax return and paying their taxes on time can qualify for first-time penalty abatement. If you haven’t filed your tax return but are expected to get a tax refund when you do, there is no late penalty.
If you’re not sure how to file, you have a few options. You can use IRS Free File through the IRS’ website through October 15, or you can reach out to your local tax preparer for help preparing your return. It’s important to stay compliant with the IRS and to always file your tax return. If you need help, give Polston Tax a call. Our team of tax professionals can help you file your federal tax return and come up with a resolution for you to pay your taxes off in a way you can afford. Give us a call at 844-841-9857 or click below to schedule a free consultation.