Taxpayers who requested an extension to file their calendar year U.S. income tax return have until October 15th of the following year to file their tax return on time. Have you filed your U.S. income tax return?

Taxpayers who failed to file their income tax return by the extended due date should still file their returns as soon as possible because:

• If they are due a refund of withholding, estimated taxes paid, or refundable tax credits (e.g., Earned Income Credit), they must file the refund claim within 3 years of the return due date or risk losing the right to it;
• If they are a self-employed person, they will not receive credits toward Social Security retirement or disability benefits; and
• If they owe tax, penalties and interest will be assessed through the date the return is filed and the tax is paid.

The inability to pay the tax due should not deter taxpayers from filing their return. The IRS has policies in place to offer taxpayers either an installment agreement in which they can pay the tax debt over time, or an offer in compromise in which they can reduce the amount owed.

Don’t delay! Contact Flexible Accounting Services of the Triangle today and let us assist you by preparing and filing your past due tax return.