This post may contain affiliate links. Please read our disclosure to learn more about how we recommend products and services.
If you did not file your taxes on time, it’s too late to file an extension. Trust me, I once filed a late extension and was sent a letter saying that they would not accept my request since it was late. What’s even worse is that I also found out the hard way that there are two penalties you pay for filing taxes late if you owe money. First, you are assessed a late payment penalty for not paying your taxes on time, then you are assessed a late filing penalty for not filing on time.
If You Don’t Have Money to Pay Your Taxes Due
Many people may not file because they don’t have the money to pay the IRS. It does not stop the penalties by not filing, so it only makes a bad situation worse. I recommend filing the taxes and letting the IRS send you an invoice for the amount due. If you still don’t have it, then you need to talk to them about a payment plan. I have actually been on a payment plan twice and they are actually very reasonable to work with. Besides, if you don’t work out a payment plan, they will get their money. Wouldn’t you hate to suffer the embarrassment of having your wages garnished? Thankfully, I never had that happen, but I know several people that have had their wages garnished. I would imagine it would also put your job in jeopardy because what employers wants extra paperwork and scrutiny from the IRS?
I hope you did better than me and got a refund. If you are due a refund, I would want to hear a really good reason for not filing to get that refund on time. And if you did get one, I do hope you enjoy it (and save as much of it as you can!)