October 15 Tax Problems

So you waited until the last minute and couldn’t get all your documentation in order on Monday or Tuesday. By the time Wednesday, April 15 arrived, you knew you were too late and weren’t going to meet the IRS income tax filing deadline. Odds are you filed an extension using IRS Form 4868. If you did that, pat yourself on the back. Too many taxpayers simply let the filing go and don’t look back until the IRS forces them to.

Do You Have Unfiled Tax Returns?

If you did not file your 2008 tax return and did not file an extension, you need to get your 2008 taxes filed as soon as possible. And if 2008 is yet another return you haven’t filed in a long line of unfiled tax returns, you need to contact Tax Masters today to file your returns and get back into compliance with the IRS. We may even be able to save you some money in the process.

October 15 Extension Deadline

If you filed your IRS tax extension in April for tax year 2008, don’t let October 15 sneak up on you. Think back to April. If you filed your extension in a panic, you likely don’t know exactly what you owe the IRS. If you owed them anything, it has been building interest as time has passed. Our advice at Tax Masters is to make your internal deadline of getting all your tax information together September 25. That gives you three weeks to complete your own return if you are a self preparer, or three weeks to finalize things with your tax preparer, make out the check to the IRS, and file by October 15. and if you can’t afford to pay what you owe, don’t let that stop you from filing. File your return and work out a payment plan for what you owe.

Failing to File Tax Returns is a Federal Crime

Failure to file a tax return is a federal crime. At Tax Masters we spend a good deal of our time helping people rebound after failing to file tax returns for several years. It can take quite a bit of effort to get someone back into compliance with the IRS, especially if their record keeping wasn’t the best.

Don’t let the October 15 IRS income tax extension deadline sneak up on you. You don’t want to be out of compliance with the IRS, pay all the interest on the money you owe, and pay the failure to file fees on all your old tax returns. It’s far easier and cheaper to stay ahead when it comes to filing taxes.

You made a good decision in filing your income tax extension in April. Now close the deal and do what you need to do to file your 2008 tax return by the extension deadline. If you have all your materials and tax documentation together and organized by September 25, that gives you three weeks to get your tax return filed by October 15.

Until you need us,

Patrick Cox Tax Masters

Patrick Cox is President, CEO, and Board Director of Tax Masters, Inc., a company dedicated to helping consumers solve their tax problems. Patrick Cox is a tax expert who founded Tax Masters in 2001, which has become one of the most effective tax relief teams in the tax representation business. Patrick Cox and Tax Masters are located in Houston, Texas.