There are many reasons that it is better to file late than never, and we are here to help! Remember: do not panic, filing taxes shouldn’t cause distress!
Tax season is here and in full force! This may cause stress to many across the nation, whether it be worrying about filing incorrectly or missing the deadline (extended to May 17th this year). There is a common misconception that the IRS will come after you for filing your taxes past the deadline, the mindset being that you are better off to not file at all than filing late. WRONG! There are many reasons that it is better to file late than never, and we are here to help! Remember: do not panic, filing taxes shouldn’t cause distress!
Though it is better to file your taxes before the deadline or file for an extension if you don’t think you’ll make it on time, you should still choose to file if you miss the deadline and do not have an extension. There is no need to panic if you are late; the most important thing is to get it done. The pros of filing late heavily outweigh the cons of not filing at all. We’re here to tell you why you should file ASAP, even after tax season!
If you owe more than expected and are worried about not being able to pay it all back at once, you are not alone! The IRS allows multiple ways for repayment, one of which is an installment agreement. An installment agreement allows you to pay off the debt you owe over six years! Are you worried that the interest rate of choosing to repay through an installment agreement is astronomical? It’s not! The IRS’s interest rates are lower than those for credit cards! This makes repayment doable for everyone, no matter your circumstance.
The bottom line: filing taxes should be a priority but should not make you lose sleep at night. Suppose you miss the deadline or do not file for an extension, STILL FILE. You will only be hurting yourself if you decide to skip filing a return. It truly is better to be late than never when it comes to taxes.