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Filing Taxes After October 15

Filing Taxes In 2013 After October 15

If you were unable to pay your taxes earlier in the year, you might have been dreading the October 15th deadline for your deadline extension. Now that the 15th has come and gone, you might realize that you still have not filed – and that major problems may soon occur. Your first impulse should be to file as quickly as possible.

English: Wooden File Cabinet with drawer open....

English: Wooden File Cabinet with drawer open. Taken by me. (Photo credit: Wikipedia)

Luckily, even those who forget to file can still go through the process of filing taxes in 2013. Unfortunately, though, you will be without quite a few of the tools that you would normally use. Most of the web-based providers like TurboTax or TaxAct have shut down for the year as they prepare to transition from taxes 2013 to taxes 2014. E-filing has also been suspended in preparation for the 2014 tax season, meaning that you will not only have to prepare your taxes by hand (or with a desktop-based application), but you will actually have to send in the physical forms yourself.

Once you send in the forms, you will find yourself dealing with penalties. You will owe an additional five percent on top of any money you owe once the deadline passes, along with an additional five percent for each additional month that passes. If you fail to pay on time, you will owe .5% interest on your balance for each month that the balance goes unpaid, further increasing your debt. Added to all of this is a general 3% interest rate on the balance, which might leave you owing far more than you originally thought if you cannot file soon.