The Problem With Delaying Your Taxes

Although it’s sometimes necessary to delay your plans due to unforeseen circumstances, you can face real problems when delaying your taxes. You must understand the issues you face and how you can get help if you face a delayed filing or payment of your taxes.

Procrastination and Perfectionism

Psychiatrists have observed that certain individuals chronically avoid completing tasks, which goes beyond simply putting things off because you don’t feel like doing them. Some people will complete all actions leading up to the conclusion of a task, but they have a pathological problem with finalizing the task and moving on. This mentality leads to a paralysis of action, an almost debilitating form of procrastination.

Additionally, pathological perfectionism is a key symptom of obsessive-compulsive personality disorder, and it has its own name: “atelophobia,” or an irrational fear of imperfection. Some people can’t file their taxes because, in their minds, they can’t get everything perfect. For example, some people won’t file their taxes because they can’t calculate mileage expenses to the penny.

While the psychiatric field does not recognize a specific phobia involving taxes, some industry experts have coined the term “forosphobia,” derived from the Greek for “tax” (foros) and “fear” (phobia).

Requesting an Extension

One thing you can do is request an extension on filing your taxes. You must file your extension request by the regular due date of your return. An extension of your filing deadline does not grant an extension for when you pay your taxes. You should estimate any taxes you will owe and pay them by your regular deadline to avoid potential penalties.

How the IRS Will Contact You

If you owe taxes or did not file and pay your taxes by the required deadline, the IRS will first send you a notice through the mail. If they get no response, they will try calling you. They can send an agent to your home or workplace if that doesn’t work. Regardless, you can’t make the issue go away by ignoring it.

How the IRS Can Recover Taxes

If you owe back taxes, you will begin accruing interest and penalties from the filing deadline date (April 15th). You must pay these additional interests and penalties to satisfy your delinquency.

Other methods the IRS can use to get what you owe them include:

  • Wage garnishments
  • Bank levies
  • Property liens and seizures

Liens on your property can ruin your credit, and the IRS can send you to prison for certain tax violations.

Where You Can Turn for Help

Filing an extension is no guarantee, and it can be as complicated and stressful to request an extension as it is to file and pay your taxes on time. The IRS also offers other methods of helping taxpayers remit the full amount they owe, but figuring out what to do can be challenging and confusing.

You may have tried to contact the IRS only to sit for hours on hold and still not be able to get a favorable resolution. Luckily, you have resources available, and you can benefit greatly from having an enrolled agent on your side. The experienced enrolled agents and tax professionals at Highland Tax Group are here to help you address your problems with the IRS and increase your chances of getting the best possible results.