4 Late-Filing Tax Mistakes You Must Avoid
Tax filing, an already complicated subject, can be even more difficult with the slightest of mistakes. The thought of wrong tax filing can be worrying for taxpayers, let alone the idea of filing late. Although filing taxes after the annual April deadline can be usually harmful, still you can do some damage control. There is always a right way to do it and several wrong ways. Most big companies have hired support for tax filing, however, there are individual tax preparation services as well to help individuals in their taxes. Coming back to the critical matter of filing taxes late, here are a few mistakes to avoid: • Doing Nothing in April If due to any reason, you have to file your tax late, IRS is fine with it. Just a request for a tax extension by filing Form 4868 will get you more time. However, the catch is that you have to request the extension by the April deadline. If you forgot to do so, you have opened a door to the late filing penalty of 5% (maximum 25%) of t