Practical advice from experts for those who missed the April 15 deadline

THE WOODLANDS, Texas - The April 15 tax deadline has come and gone. Many are happy to have this annual chore behind them for another year. However, those who missed that deadline are now faced with the possibility of penalties and fees from the Internal Revenue Service for late filing.

Dianne Ketcham, manager of Liberty Tax in Spring, wants to reassure taxpayers that help is available. “First of all, don’t panic,” Ketcham said, “there are solutions. The important thing is to file the late return as soon as possible.”

One little-known fact is that there are no fees for late returns if no money is owed. “If you don’t owe money on your taxes, there is no penalty for missing the deadline,” Ketcham said. Her advice is to gather the necessary information and file the return as soon as possible, especially for those expecting a refund. “You are letting the government use your money,” Ketcham said. “The IRS will not remind you to file if you are due a refund. If a refund is not claimed within three years, it is lost.”

There are, however, costs associated with filing late for those who do owe money to the IRS. “If you owe money and did not file an extension, do your taxes as soon as possible,” said Ketcham. “The longer the wait, the bigger the fee will become. There is an additional penalty of 5% per month, up to 25%, on what you owe for not filing in a timely manner. This is above the normal penalty and interest that is charged after April 15.”

For those who are unable to pay in full, it is still important to file the tax return as soon as possible to avoid additional fees and interest. A request can be made for an additional 60 to 120 days to pay the account in full or to pay on an installment agreement.

“If you have multiple tax returns from previous years that need to be filed, you can file and still get a refund for 2012 through 2014,” said Ketcham. “After three years, the refund is no longer available. If you owe back taxes, however, the IRS can go back as far as they want to.”

“The tax professionals at Liberty Tax Service are available to assist you with any tax issues,” Ketcham said. Liberty Tax is open year round and is located at 440 Rayford Road in Spring. Call Liberty Tax Service at 832-447-1800 or visit their website at www.libertytax.com for more information.