Posted: Apr 15, 2013 7:16 AM by Kristen Holloway
Updated: Apr 15, 2013 7:28 AM
If you've checked the calendar, you know tax time is almost over and by today, April 15th your taxes should be all squared away but if you haven't filed there's no need to panic.
If you need more time to file your taxes, what you want to do is make sure you file something. If you don't file a return, file an extension. Most taxpayers can get a 6-month extension and that will push that deadline out to October 15th. Just log onto IRS.GOV and search for form 4-8-6-8. You can fill it out all online. You'll get a confirmation number for your records and you don't need to mail In a hard-copy.
Experts say for next year, people should file as early as possible because if you have a refund coming you can get the refund much quicker. They also say for people who owe, make sure you pay as quickly as possibly to avoid penalties that are assessed for paying late.
"A lot of people also seem to think just filing an extension kind of puts things off for them and the extension is really just an extension of time to file not an extension of time to pay, if you owe tax it's due on Monday," said CPA John Redd.
Again if you think you owe, you should send that amount in today with your extension to avoid any interest or late fees.
However penalties for paying late are not as severe if you don't file at all.
If you need to mail off a return or extension check your local post office for store hours.