[RICHARD] Tuesday Is Tax Deadline Day: Pay Up!
Because April 15th landed on a Saturday this year, taxpayers were given some extra time to file their state and federal returns…but time is running out.
Anyone filing their state and federal taxes for 2016 has until midnight on Tuesday, April 18th to get those suckers postmarked. But, what if you aren’t able to do that? The experts say you should file for an extension. That would be Form 4868 and it can be found on the IRS website.
Ted Kurlowicz, professor of taxation at The American College of Financial Services tells FOX BUSINESS, “The extension could be effective for filing as late as October 16.” But, Tim Speiss with Eisner/Amper Wealth Planning LLC, tells FOX, if you owe the IRS money, “You need to pay in 90% of the tax due at the time of the filing.” He says If you can’t do that by the filing deadline, “p
ay in as much as you possibly can to avoid further potential late-filing and interest charges.”
Both Kurlowicz and Speiss tell FOX BUSINESS that if you file and pay late you will most likely be hit with a penalty. Most people who miss the filing deadline do so because, “they don’t have all of their sources of income and expenses identified or they need assistance,” says Speiss.
FOX BUSINESS says 70% of Americans are expected t receive a refund. Last year 111 million refunds were issued with an average payout of $2,860.