On the Net
For more information about tax extensions, go online at www.irs.gov.
Feeling like you may have forgotten something?
Well, if it’s filing those income taxes, no worries. There still is time left, though not much.
While most years the deadline to have tax returns postmarked has been midnight on April 15, filers received a three-day extension of sorts this year.
Due to Emancipation Day, a little known holiday observed in Washington, D.C., falling on Friday, filers this year have until midnight Monday get their returns postmarked.
Those still needing a little more time can file for an extension from the Internal Revenue Service.
According to the IRS Web site, those applying can receive an automatic extension of six months by submitting Form 4868.
But that form also needs to be postmarked by midnight Monday.
An extension can also be filed electronically using tax preparation software at home or by going to a tax preparer with the software, according to the Web site.
Those who owe money to the IRS will still have pay whatever is owed, as well as interest and any penalties incurred on balances not paid by Monday.
If the return is completed but you are unable to pay the full amount owed, the IRS encourages filers to not request an extension.
Instead, file the return on time and pay as much as you can. The IRS will then send you a bill or notice for the balance due.
Local CPA Jim Wheeler agreed.
“You need to go ahead and file,” he said. “The penalty for failure to pay is about half a percent per month, but the penalty for not filing [by April 18] is about 5 percent per month.”