April 15 is the tax filing deadline for most people in 2020. If you didn’t file a tax return or an extension to file, it’s not too late to take action. Here’s what you can do:
File and pay soon. If you owe taxes, you should file and pay as soon as you can to minimize the interest and penalties that you will owe on any taxes due.
Pay as much as you can. If you owe taxes but can’t pay in full, you should pay as much as you can when you file your tax return.
Remember your refund. If you are owed a refund, you should file as soon as possible to get it. If you don’t file your return within three years, you could lose your right to the refund.
For more information on filing late taxes, speak to a qualified tax professional.
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov[6]
[6] www.irs.gov/newsroom/irs-opens-2020-filing-season-for-individual-filers-on-jan-27
