You flip your calendar to the month of May, and it makes you think of warmer weather and sunny days. Then you realize something awful: you forgot to file your federal tax return! What can you do? First, do not panic if you missed the tax deadline, says the Pennsylvania Institute of Certified Public Accountants. Here are some reasons why your mistake may not be as bad as it sounds.
You still have a chance to file
The worst thing you can do is to throw up your hands and hope nobody notices. Instead, gather up all your tax documents and complete and submit your tax return as soon as possible. You should have received all of your tax reporting forms, but if you haven’t, contact your employer for forms such as your W-2 or reach out to a client for a 1099 for miscellaneous income. Get in touch with your bank or financial institution if you don’t have the proper forms reporting investment or dividend income you received or the student loan or mortgage interest you paid. To complete your return, you’ll also want to locate receipts and other paperwork to document any deductions you plan to take.