Tax season can be stressful enough without the added pressure of missing the deadline. If you're one of the many people who can't file their taxes on time this year, don't panic. While it's true that there might be some consequences to late filing, there are still steps you can take to minimize the damage. Find out what you can do to make the most of a tough situation.

If You Can't File Right Now

If you're feeling overwhelmed and know you won't make the filing due date, don't panic just yet. Taking precautionary measures can help ease your stress and ensure you don't face unnecessary penalties or fees. Here are five things you can do to breathe a little easier and confidently tackle your tax filing deadline.

File For An Extension

The IRS allows taxpayers to file for an extension for their tax returns. You can do this by submitting Form 4868 by the tax deadline. This will give you an additional six months to file your tax return without incurring penalties.

It is important to understand that filing for an extension will only give you more time to complete all necessary paperwork, but you will still have to pay your taxes on the original due date.

File A Late Tax Return

If you missed the tax deadline and didn't file for an extension, it's important to file your tax return as soon as possible. The longer you wait, the more penalties and interest you will incur.

Apply For an Installment Agreement

If you owe taxes and can't afford to pay the full amount all at once, you can apply for an installment agreement. This will allow you to make monthly payments over a short time period until your tax debt is paid in full.

Check Your Balance

If you filed a late tax return and owe taxes, you should check your balance to see how much you now owe. You can do this by visiting the IRS website or calling the IRS toll-free number. Once you know how much you owe, you can determine the best course of action to take.

Remember that being honest with the IRS and taking action sooner rather than later is key. Don't let the fear of missed deadlines hold you back. Take control of the situation now and be on your way to filing your taxes with confidence.

If You Can't File At All

If you can't file your taxes now and most likely won't be able to do so in the foreseeable future, there are resources to help.

Payment Plan

According to the IRS, setting up a payment plan is one of the most reliable methods to reduce late fees and penalties. This long-term installment plan can extend up to 72 months and can be tailored to meet your specific needs.

Offer In Compromise

The IRS offers an offer in compromise (OIC) program, which allows you to pay less than what you originally owed, but only if you meet specific qualifications. It's critical to note that this program may not be appropriate for everyone, and alternative payment options should be researched before applying.

Temporary Delays

In some cases, you may be granted a temporary delay in debt collection if you are experiencing significant financial hardship. If you are awarded a delay, the IRS may file a tax lien against your property to secure their interests.

Work With Professionals

If you're unsure what to do, consider working with a trusted tax professional who can assist you and ensure you fully understand your options. They can assist in calculating how much you owe in taxes and help you determine the best course of action. A tax pro can also handle any communications with the IRS on your behalf.

Look into Volunteer Income Tax Assistance (VITA) and your local Treasury Department for free assistance.

The Consequences Of Doing Nothing

The most important thing to keep in mind if you are in a position where you are struggling to pay taxes is that doing nothing and letting the bills pile up is the worst option. If you don't pay your taxes and don't do anything to let the IRS know what is going on, penalties and additional fees will be added to your bills immediately. The longer you wait, the more interest you will accumulate and the more you'll end up paying in the end.

If this continues for months, the IRS may take more proactive actions and start making collection calls and implementing tax liens. This means that your assets - including your bank accounts, homes, and cars - may be taken and liquidated to make up for the money the IRS is missing. In extreme cases, the IRS will place a hold on your passport and restrict you from leaving the country.

Bottom Line

A lot of people can't pay their taxes when the due date comes around. The most important thing is to not ignore the problem and instead take a proactive approach. The IRS is reasonable and will work with you and your family to ensure you both have the best outcome possible.