With the April 15 tax deadline fast approaching, many taxpayers are feeling the pressure to file their returns on time. If you and your spouse are unprepared—whether due to missing documents, complex deductions or unexpected life events—you may be wondering about your options to avoid IRS penalties.
The good news is that there are steps you can take to file your taxes properly, request an IRS tax extension or minimize late-filing consequences. Here’s what you need to know to stay compliant and avoid costly mistakes this tax season if you and your spouse are not ready to file taxes.
File for an Extension
If you need more time to gather paperwork and organize your finances, you can file for a tax extension using IRS Form 4868 before the April 15th deadline. This grants you an additional six months—until October 15—to file your tax return. However, keep in mind that an extension only applies to filing, not paying. You must estimate and pay any taxes owed by the regular due date (typically April 15) to avoid penalties and interest.
Estimate and Make a Payment
If you believe you owe taxes and are unsure of the exact amount, make an estimated payment to the IRS. This can help minimize interest and potential penalties. You can estimate your tax liability based on last year’s return or use an online tax calculator. Payments can be made electronically via IRS Direct Pay, the Electronic Federal Tax Payment System (EFTPS) or by mailing a check.
Gather Necessary Documents
Identify what’s missing and create a checklist of required tax documents, including:
• W-2 Forms (if employed)
• 1099 Forms (for self-employment or other income)
• Deduction and credit documentation (medical expenses, mortgage interest, education costs, etc.)
• Investments (year-end statements for interest, dividends and stock sales)
• Business income and expense records (if applicable)—profit and loss statements, asset purchases, 1099s, payroll records, etc.
• Prior year’s tax return (helpful for reference)
Filing Status
Choosing the most cost-effective filing status is crucial, especially if you and your spouse are dealing with complex tax issues or financial disagreements. Filing as Married Filing Separately (MFS) can be beneficial in certain situations—such as when one spouse has significant medical expenses, student loans or tax liabilities that the other does not want to share responsibility for. However, this status can also limit eligibility for certain tax credits and deductions. Before making a decision, consult a tax professional to compare the benefits and drawbacks of filing separately versus jointly (MFJ). Additionally, if one spouse is concerned about shared tax liability, they may be able to file Form 8379 (Injured Spouse Claim) for protection.
Seek Professional Help
A tax professional or accountant can help navigate your situation, especially if you have complex tax issues like self-employment income, investment earnings or deductions related to a business. They can also assist in estimating your tax liability and ensuring compliance with IRS regulations.
Communicate and Plan for Next Year
If being unprepared for tax season is a recurring issue, take proactive steps to avoid future stress. This includes:
• Keeping financial records organized year-round
• Adjusting withholdings or making estimated tax payments
• Using tax software or hiring a tax professional earlier in the year
Not being ready to file taxes with your spouse doesn’t have to lead to financial headaches. By filing for an extension, estimating payments and seeking professional assistance, you can avoid penalties and stay on track. Proper planning and organization will ensure smoother tax seasons in the future.
Nicole Gillyard (Freeman-Kirkland), CPA, is the CEO and founder of By The Numberz CPA in Atlanta. With extensive experience in accounting and financial planning, Gillyard specializes in helping individuals and businesses navigate complex tax and financial strategies.