2011 Tax Return
The original due date for 2011 tax returns was April 18, 2012, but you can still file a late tax return.
Although you can no longer e-file your 2011 taxes or claim a refund (last day to claim your 2011 refund was April 14, 2015), you should file your 2011 tax return. Nobody wants to owe the IRS money, but not filing and paying previous tax returns is an unfortunate way to accrue penalty and interest tax debt. This is what you should do if you are in any of the following situations:
I did not file or pay my 2011 taxes
It may feel overwhelming and time-consuming, but if you still owe your taxes for the year 2011 and you have not filed, you can’t afford to put off filing any longer. The failure-to-pay and failure-to-file penalties will continue to increase each month by 5% of your owed tax. This can easily multiply how much you owe significantly.
If you cannot afford to pay the tax that you owe, you’re actually better off still filing. Just by filing, you will minimize the penalty rate of your IRS debt.
I filed, but I did not pay my 2011 taxes
If you have filed your taxes on time, the penalty for not paying your taxes only accrues at 0.5% of your owed tax each month or part of the month that you do not pay. Late tax payments can be paid by a credit card, check, or an electronic funds transfer. The IRS offers an assortment of payment plans and options to help assist you with the taxes you may owe for past years.
What if I put off both filing and paying?
Your tax obligations do not go away if you ignore them. If you put off filing, the IRS may have no choice but to levy your wages, home, bank account, or other income and assets to pay off the tax you owe. This is why it is important to file your unfiled tax returns before the IRS seizes something of yours to pay off your debt.
Where do I start?
Begin by gathering the needed documents and pay stubs for 2011. If you have lost a few necessary documents, we can locate them for you. Call us today at 844-774-8829 and we will help you begin to file your 2011 tax return. You don’t need to carry the burden of not filing around any longer. File today and feel relieved for years to come.