It's April 14th. Do you know what that means?
I hope I'm not about to say something that you forgot or don't know about.
Tomorrow is the tax deadline! Many people put off their taxes until the last second because they are not exactly the most fun thing to do in the world.
If you completely forgot to do your taxes, you may be able to file for an extension. The IRS lets you file for an extension as long as you pay at least 90% of what you owe by April 15th. This means that you will have until October 15, 2014 to file your taxes. If you do not file a tax return or file an extension by April 15, 2014, then you will owe the IRS penalties and interest. Don't forget to file for a tax extension for your state as well.
So to recap, your options are:
- Do your taxes either today or tomorrow, and pay your taxes, of course.
- Or file an extension and pay 90% or more of what you estimate that you will owe. If you do not pay the 90% then you will be subject to penalties and interest. So do not think that just because you file for a tax extension that you will have an extra 6 months to pay your taxes, because that is just not true.
If you file your taxes late without an extension, then you will have to pay a penalty of 5% each month on your unpaid tax balance.
Do I need a reason to file for an extension?
If you need an extension to file your taxes, you do not need a reason. The IRS grants 6 month tax extensions automatically, as long as you file the tax extension form. You have to make sure to submit the tax extension correctly and on time.
How do I file for an extension?
If you need to file for an extension, you can e-file for it now. Approximately 15,000,000 people file for tax extensions each year. TaxExtension.com has a secure system that allows tax payers (whether you are an individual, household, or business) to e-file their IRS extensions. Their product is live through tomorrow, April 15 (the deadline for filing tax extensions).
TaxExtension.com is an IRS Authorized e-File provider. The charge for filing your tax extension is $29.95.
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