You’ve Missed Tax day. You know you can’t sweep this oversight under the rug. So, now what?

Don’t worry—the IRS won’t knock on your door tomorrow and you still have time to make everything right. However, if you neglected to file your taxes ahead of the deadline, there are some steps you should take to remedy the situation.

1. Understand the Penalties For Missing Tax Day

Here’s the good news: If you’re owed a refund, there’s no penalty for filing a late return.

But, if you owe the IRS money and missed tax day?

Unfortunately, there’s no surefire way to avoid being assessed fees for being late with your taxes. Missing tax day has consequences. There are a couple of different Penalties you should be prepared for:

• Failure to File (FTF) Penalty: If you neglect to file your taxes, the fee is 5% of the balance owed for each month you don’t pay your taxes—up to a 25% maximum.

• Failure to Pay (FTP) Penalty: If you don’t pay your due tax balance, you’ll also be hit with a FTP penalty. This is 0.5% of your unpaid taxes for each month they’re left outstanding.

• Underpayment Fees: The exact amount of this fee can vary based on your filing status and situation. If you didn’t pay enough in taxes throughout the year, you should settle that balance owed promptly to avoid being assessed additional fees.

• Interest: You’ll start accumulating interest (compounded daily) on unpaid taxes one day after the due date for the return. That interest will continue accumulating until you have your tax bill completely paid off.

Not meeting the Tax Deadline could mean that you’ll have to deal with any combination of these fees. However, these penalties don’t need to break the bank. You can lessen their impact by acting fast.

2. Act Immediately

You’ve already missed tax day, so time is of the essence. The quicker you act, the fewer penalties and accumulated interest you’ll be assessed.

If you’re waiting on a necessary document or other piece of information in order to complete your tax return, you’re better off submitting your return as is and then filing an amended return when you have what you need. In the majority of cases, you have up to three years from the original return filing deadline to submit an amended return.

You can also speak with an IRS agent about any fees you’ll be assessed. It’s not often that the IRS waives these penalties. But, if a major life event like a death in the family or the birth of a new baby  prevented you from filing on time, the IRS might be willing to work with you.

3. Pay What You Can

One common reason that people let tax day slip by is because they simply can’t afford to pay the taxes owed. It’s far better to pay what you can than to let that sum continue collecting penalties and interest.

Even if you haven’t yet filed your return to determine the exact amount owed, estimate your taxes and pay as much of that as possible to avoid having additional fees keep piling up.

You can mail a check (be sure to include your social security number, tax year, and tax form in the memo line), or the IRS offers electronic payment options that allow you to pay directly from your bank account or credit card.

Can’t afford to make a large payment? Set up a payment plan with the IRS to pay what you owe (and any assessed penalties and interest) in more manageable installments.

Again, do this sooner rather than later. The longer you wait, the more you’ll owe.

Make a Plan For Next Year

If you missed the tax deadline and you owe the IRS money, there’s usually no way around it: You’re going to be assessed some penalties and fees.

Fortunately, it’s possible for you to patch things up and lessen the burden —but, you don’t want to make a habit out of this.

Instead, this year, make a plan to pay your taxes quarterly, and set up a system to handle your accounting.

Next year, if the tax deadline is breathing down your neck, file for a six-month extension to give yourself a little more wiggle room. You need to file for this extension ahead of the tax deadline (meaning it’s not an option if tax day has already come and gone).

Remember, that’s an extension to get your documents in order and file—not an extension to pay. Any money you owe to the IRS should still be paid by the deadline.

Needless to say, the best thing you can do for yourself (and your wallet) is to not miss the tax deadline at all. Make it your goal to get yourself organized next year. Mark tax day in bold, red letters on your calendar to scare yourself into meeting that end date. Doing so will save you plenty of money and migraines.