Please do not allow fear of owing to make you catatonic!
I am still relatively busy filing 2010 tax returns for clients who failed to file by April 15th.
The reasons for the tardiness are myriad including, not having all of the documents together, having recently moved or undergone a change in marital status. However, the number one reason for the procrastination, in the case of my clients, is the fear that they will owe a significant amount of money to the IRS and to the state.
Two points to take away from this piece are:
First of all, your tax situation will not resolve itself. The IRS will not simply “Go Away”, they really want your 2010 tax return.
Secondly, the longer you wait, the more you will end up owing because of penalties and interest which will continue to accrue.
A solid tax professional knows how to complete correspondence to send along with your return explaining your situation and the payment program into which you are able to enter.
From a real world perspective, I recently filed a return for a client who feared he owed a lot of money, however, he actually is to receive a refund, so in effect, he went through months of sleepless nights needlessly.
So, be proactive and contact your tax guy or gal and get it straightened-out. Get your 2010 tax return filed now. You’ll be glad you did.