Procrastinators, we’re talking to you. If you haven’t filed your taxes yet, you have until 11:59 pm Tuesday night.
If you still need more time, you can file an extension but there’s a catch you need to know about.
To file for an extension, just fill out this form, 4868, and you get six months extra time, making your new tax deadline October 15.
However, that doesn’t mean you’re off the hook.
“While you can extend the time to file your taxes, the government still does expect you to make a payment to what your estimated tax liability may be. And if you don’t make that payment, you can have a penalty and interest charges racking up for those six months,” said Rebecca Walser, a tax attorney.
Meaning you may owe more money. To keep Uncle Sam happy, pay your taxes by the April 17th deadline.
To find out how much, look at last year’s return.
“The best thing to do is to just look at your gross income and your total deductible expenses and as long as they are approximately the same, then you can calculate kind of a high level of how much of a difference between last year and this year your tax liability might be,” said Walser.
Or use a tax software and plug in your info. Just try not to underpay the IRS.
“Beyond a ten percent grace, you’re looking at penalties and interest if you have under estimated and underpaid that tax due,” said Walser.