Published: Wed, April 18, 2018
Business | By Kate Woods

Tax deadline looms, last minute advice

Tax deadline looms, last minute advice

Hands down, the most important thing - no matter how much you can or cannot pay - is to file your tax return on time.

Even if you've been making an adjusted gross income of less than $66,000 for years, you might not have known that, to the IRS, this means you should have to pay to file your taxes. Therefore, your new deadline becomes October 15th, 2018.

The agency is estimating more than 5 million people will attempt to file their returns today. CBS News reports that around 50-million taxpayers have actually spent the past week scrambling to file their returns.

But remember, an automatic extension to file is generally not an extension to pay. Anyone can apply for an extension though, so if you just aren't ready to file, you blew the deadline or don't have your stuff together, you qualify for the extra six months.

More news: Syrian state media report new missile attack in Homs region

You can do that by filling out the IRS 4868 form.

There are a variety of reasons people might need to file an extension, whether they don't have all their sources of income and expenses identified or they need assistance, Tim Speiss, partner at EisnerAmper Wealth Planning, told FOX Business.

Anyone looking for a little more time can file for an extension. Because of issues with their direct pay system on their website-which was down much of the day on Tuesday-individuals and businesses with a filing or payment due date of April 17 (Tuesday) will now have until midnight of Wednesday, April 18 to file.

It doesn't draw any attention to you. "While you generally have three years to file a return and get a refund, you won't receive a refund until you file your return". "There are lots of programs online you can go to and just put them in that are safe and reliable".

More news: Patience pays off for Russell as veteran breaks National duck

April 15 falls on Sunday this year and Monday is Emancipation Day, a holiday in Washington D.C. That gives taxpayers nationwide until April 17 to get the job done.

Late payment penalties can apply.

You won't get penalized if you have a return coming your way. One last tip, if your anxious about your taxes getting to their destination the USPS recommends you get an electronic, or physical, delivery record showing who signed for your tax return.

More news: What the Starbucks incident tells us about implicit bias

Like this: