Missed the Tax Deadline? It’s okay, you can still file your federal tax return and pay the taxes you owe. Every year, thousands of taxpayers miss the tax deadline and end up having to play catch up. There are a few tips you can use to handle some after-tax-day issues.

First, there is no penalty for filing a late return after the tax deadline if a refund is due. Penalties and interest only accrue on tax liabilities if taxes are not paid by April 18th. Anyone who did not file and has a tax liability should file a return as soon as they can and pay as much as possible to reduce penalties and interest. If you qualify, you can use the IRS Free File to file your tax return until October 15th. This allows you to prepare and file your returns electronically.

It’s important that you file as soon as you can because the late-filing penalty on unpaid taxes can add up quickly. This penalty known as the failure-to-file penalty is usually 5 percent for each month or part of a month that a return is late. If a return is filed more than 60 days after the April due date, the minimum penalty is either $210 or less, the penalty is equal to the tax amount due. If the tax due is more than $210, the penalty is at least $210.

You may qualify for penalty relief, especially if you have a good reason for filing late. If you do, make sure to attach an explanation to the return. Taxpayers who have a history of filing and paying on time often qualify for IRS penalty relief. A taxpayer will usually qualify for a tax penalty abatement if they haven’t been assessed penalties for the past three years and meet other requirements.

If you’re not sure how much you owe in taxes, you can view your current balance with the IRS using the IRS’s website. You can also pay your balance with IRS Direct Pay, by credit or debit card or apply online for a payment plan. There are other payment options available as well.

If you owe money to the IRS and need help negotiating an affordable payment option, Polston Tax can help. We can help file those late tax returns and help you find an affordable way to pay your tax debt and get rid of it once and for all. Click below or call 844-841-9857 to schedule a free consultation.