5 Tips for Late Tax Filers

Now that the tax deadline has passed, if you didn’t file a tax return or an extension, take action now. Here are a few things to consider:

  1. File and pay soon. If you owe taxes, you should file and pay as soon as you can, which will stop the interest and penalties that you will owe. The IRS offers  IRS Direct Pay, a secure and easy way to pay directly from your checking or savings account. The IRS does not charge a penalty for filing a late return if you are due a refund.
  2. E-file: No matter who prepares your tax return, you can use IRS e-file through Oct. 17. The IRS will send you electronic confirmation when we receive your tax return, and they issue more than nine out of 10 refunds in less than 21 days.
  3. Pay as much as you can. If you owe but can’t pay in full, you should pay as much as you can when you file your tax return. You should pay what you owe as soon as possible to minimize penalties and interest
  4. Set-up an installment agreement. If you need more time to pay your taxes, you can apply for a direct debit installment agreement. You don’t need to write and mail a check each month with a direct debit plan.
  5. A refund may be waiting. If you are owed a refund, you should file as soon as possible to get it. Even if you are not required to file, you may still get a refund if you had taxes withheld from your wages or you qualify for certain tax credits like the Earned Income Tax Credit. If you don’t file your return within three years, you could lose your right to the refund.

 

 

 

Estimated Taxes Payment Schedule

Who Must Pay Estimated Tax?

If you are filing as a sole proprietor, partner, S corporation shareholder, and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return.
If you are filing as a corporation you generally need to make estimated tax payments for your corporation if you expect the corporation to owe tax of $500 or more when you file the tax return.

Due Dates:

Q1 January 1-March 31 – DUE April 18, 2016

Q2 April 1- May 31, 2016 DUE June 15, 2016

Q3 June 1 – August 31, 2016 DUE September 15, 2016

Q4 September 1 – December 31, 2016 DUE January 17, 2017

Missing payments can equal to hefty penalties for you and your business. If you need help filing your estimated taxes please contact us today 888.391.9993 or info@greenfs.com.