It’s April 17th. Do you know where your income tax forms are? If you’re one of the lucky ones, the forms are in the hands of state and federal tax officials and your refunds are in your bank account.

But the IRS estimates about 25 percent of all taxpayers missed the April 15th filing deadline. If you’re among them, it’s no time to panic. It’s time to take control.

Stop thinking about the missed deadline and start thinking about what you need to do now. It’s too late to get an extension to file, but it’s not too late to file. You can still file your return electronically either by using commercial tax preparation software or, if your income is $54,000 or less, free of charge through the IRS Free File program.

The sooner you file and pay any taxes owed, the less you’ll have to pay in penalties and interest.

If you owe the IRS money and can’t pay it all, go to the IRS website to set up an online installment agreement. The $105 set-up fee drops to $52 if you make your payments via automatic debit. Lower-income applicants may qualify for a reduced fee of $43. The fees are adjusted automatically when your online application is processed. Taxpayers without Internet access can call 1-800-829-1040 to set up an IRS payment plan.

Filing now, even though it’s after the deadline, also protects your right to receive a one-time economic stimulus or tax rebate payment. If you’re expecting a refund, you probably won’t be penalized for filing late.

If your tax return was processed by April 15, you could get your economic stimulus payment early next month. The IRS will begin distributing payments beginning May 2. Taxpayers who received their tax refunds through direct deposit will get their rebates first. If you’re eligible for the tax rebate, you have until Oct. 15 to qualify by filing a 2007 tax return.

Bookmark: