What are some tips for filing a late income tax form?

Tips for taxpayers filing late income tax forms include filing as soon as possible, filing online, and paying upfront as much as they can of what they owe, according to the IRS. Taxpayers should also budget for penalties and interest for filing late.

If a taxpayer has a good reason for filing late, the IRS may reduce penalties and interest, the IRS says. For people who are not required to file but who are eligible for refunds, the agency recommends filing within three years; otherwise, a taxpayer may lose his right to his refund. Taxpayers who owe money can set up payment agreements to pay in installations; filing electronically is the best option.