updated September 1, 2023 · 2min read
In a perfect world, every taxpayer would file his or her returns on time and have plenty of money to pay any taxes due. Unfortunately, that's not always the case — particularly in tough economic times. So what should you do if you find yourself in a situation in which you have to file your taxes late? Here are some tips to help you make the best of the situation.
Obviously, it's important to take care of your taxes to avoid criminal prosecution. The IRS may actually be an ally in this effort; the agency has many outreach programs designed to increase voluntary participation in the tax filing process.
The most important thing is to not ignore the problem if you haven't filed your taxes. The situation won't resolve itself, though it may take a while for a failure to comply to generate demands to file from the IRS. By taking a proactive stance and making a good-faith effort to comply, you'll be in a much better position.
by Sherry Ciurczak
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