A Procrastinator’s Guide to Tax Filing: How to Stay Out of Trouble with the IRS

Almost a third of Americans wait until the last minute to file their taxes, most reporting it's due to a stressful or complicated reporting process. With the rise of e-filing, taxpayers are finding their returns are processed faster when submitted electronically, and it's good practice to use the same method to pay any amounts owed to the IRS. However, don’t avoid filing your return even if you owe the IRS more than you can afford to pay in full, Partner Pam Mosiello cautioned.

She noted the failure-to-file penalty is larger than the failure-to-pay penalty, so try to pay at least something. Once you've filed, you can set up a payment plan with the IRS for your remaining balance; either way, you’ll hear from the agency. “Believe me,” Mosiello said. “They’ll be in touch.”

Subscribers can read the full article published by Barron's.

Non-subscribers may request a copy of the article using the form on this page.