Taxpayers who received an extension of filing deadline 2025 Federal Income Tax Return face October 15, 2026deadline. However, some late filers are still missing their tax documents. Some people find themselves in more debt than expected and unable to pay the debt in full.
The government says neither issue should cause taxpayers to ignore the deadline. Jeff Levine, Chief Planning Officer, Focus Partners.
Taxpayers may be able to obtain information reported to the IRS by requesting wage and income records. Even if you are unable to pay, you should submit a payment plan with the IRS for consideration.
The following is a transcript of an interview with Jeff Levine, edited for brevity and clarity.
Why October 15th matters
Bob Powell: of October 15th Extended submission deadlines are approaching. What should taxpayers know?
Jeff Levin: There are many people who have not yet filed their tax returns. 2025 tax returnand October 15th This is the deadline if you request an extension.
Hopefully they have all their paperwork in order. But there are always last-minute questions. Some people still can’t find the form. Some people find that their tax bill is higher than expected and they don’t have the money to pay it. These are two of the most common problems.
How to find missing tax forms
Bob Powell: What should I do if I don’t receive the tax return I need?
Jeff Levin: First, contact the company or institution that was supposed to provide it. Ask if you can send another copy by email or mail. In some cases, we may be able to provide the required information over the phone.
If that doesn’t work, you also have the option of using the IRS website. You can request a transcript after verifying your identity through the ID.me process.
Many people know about certified copies of tax returns, and the IRS offers several types of certified copies. One is proof of wages and income.
What Wage Certificates Provide
Bob Powell: What does a wage and income certificate include?
Jeff Levin: This is a record of information about you that the IRS receives from other organizations. This may include Form 1099, W-2, 1098, Schedule K-1, and Form 5498.
By this point, these forms should be in the IRS system. You can request a wage and income certificate and download it as a PDF.
It doesn’t look like a copy of the original form. Instead, provide a line-by-line explanation of the information and amount reported. It essentially functions as an equivalent.
Why should I submit without paying a fee?
Bob Powell: What happens when taxpayers discover that their bill is much higher than expected and they don’t have enough money to pay it?
Jeff Levin: The first thing to do is to file your tax return.
There are penalties for not paying taxes on time, but the penalties for failing to file a return are even more severe. The last thing you want to do is avoid filing a tax return.
It’s better to file a return and tell the IRS that you owe money and not pay the entire balance than to have to file a return later and pay the same taxes and potentially face larger penalties.
How IRS Payment Plans Can Help You
Bob Powell: If a taxpayer owes more than expected and can’t pay, can they set up a payment plan? The IRS appears to offer some flexibility.
Jeff Levin: Although it may seem “generous” in the eye of the beholder, payment plans are also available. There is streamlined planning, and taxpayers can often plan online more easily than they did a few years ago.
Communication with the IRS is important. Once this plan is in place, taxpayers can avoid property liens, wage garnishments, or ongoing IRS notices.
It’s better to acknowledge responsibility and say, “I know what I owe. I can’t pay it right now. Let’s figure out a way to pay this responsibility.”
Avoiding a refund does not exempt you from paying taxes. The penalties will only become more severe in the future.
Why some returns are filed late
Bob Powell: Some CPAs appear to be using the extension to spread their workload beyond the traditional filing season. Is that common?
Jeff Levin: The range of taxpayers and the timing of filing varies.
People expecting a refund tend to file early for obvious reasons. That’s because they want their money back sooner or later. Although early filing season tends to focus on taxpayers receiving refunds, some taxpayers who owe taxes file early.
Later in the season, there tends to be more taxpayers owed money. Some tax preparers use extensions to distribute their work.
However, many taxpayers have no choice as they are waiting on one or more documents. Schedule K-1 is often the biggest culprit.
If the return is delayed on Schedule K-1
Bob Powell: Why are there delays on Schedule K-1?
Jeff Levin: Some companies wait until approx. September 15th This is for filing a tax return. You may not have a Schedule K-1 to send an owner or investor to until your return to business is complete.
By the time taxpayers receive their forms, it could be mid-to-late September. This may be the first time that taxpayers have all the information they need to file an accurate return. 2025 tax returnEven if more than two-thirds 2026 has passed.
Our system is complex, Bob. In some cases, it can take time to compile the numbers, report income to taxpayers, and provide them with the information they need to pay the amount owed.
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