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For the procrastinators: you have options for your tax filing

Imagine that you get your W-2s and other relevant tax information in the mail in early January. “No problem,” you think to yourself. “I have plenty of time to get my taxes done.” A couple of weeks pass, and you’re still in fine shape — but then a major life event occurs that takes your mind off of almost everything else going on in your life.

As the months pass, you still aren’t thinking about your taxes. Until one day, you catch a blurb on the news about Tax Day being just around the corner. You start to freak out as you’re almost positive that you don’t have enough time to complete your taxes by the April 15 deadline. So what do you do? How can a late filer get his or her taxes done without getting into trouble?

There are a few ways that you can help yourself, and the first is to file your taxes online. E-filings are only increasing with every year that passes. More and more people are becoming comfortable with the idea that their taxes can be submitted online. This is a quicker route to filing your taxes, cutting out the extra time it takes to mail your filing.

Another option is to file for an extension with the Internal Revenue Service. The IRS grants these without hesitation so long as you file for the extension before April 15. If you file for the extension, you will receive an additional six months to file your taxes. However, remember that if you owe money to the IRS, it is still due on April 15 — even if you get an extension.

Third and finally, you can set aside other things in your life and do everything you can to meet the deadline with your filing. In this case, it is conceivable that you may not have the money to pay the IRS if you owe the agency money. In such a scenario, you should still pay whatever you can — even if it’s not the full amount. This will reduce the penalties you are subjected to and it will show the IRS that you’re at least trying.

Source: FindLaw, “Last Minute Tax Tips for Late Filers,” Accessed Dec. 9, 2014