Running out of time for taxes?

As we are busy doing our jobs, we sometimes forget that there are other deadlines looming.  Tax day is 20 days away!

So what should you do if you need to file your taxes late?

• Ask for an extension: If you can’t file your individual return by April 15, ask for an extension. But you need to know an extension does not mean you are exempt from penalties for being late if you owe money.
• File as soon as possible: It makes sense to file your taxes as soon as you possibly can, even if you are late and have not asked for an extension. Why? If you the IRS owes you a return, you can lose your right to receive it if you don’t file within three years. Also, if you run your own business and don’t properly report your income, you won’t get credit that goes toward future Social Security and disability benefits.
• Work with the IRS: The IRS is usually willing to work with taxpayers who are making a good-faith effort to pay their taxes. Talk to them and ask their help.  It IS their job!

And don’t forget to check out TaxGirl.  Kelly has some great ideas as well!