HUNTSVILLE, Ala.- If you haven’t filed your taxes yet, you have until midnight on Monday, April 15 to do so. If you need more time to file, you can file for an extension, but the tax extension deadline is also on Monday.
If you are granted an extension, your tax deadline will be pushed back. But for those ditching your return all together, you could be hit with a steep fine.
“If you can’t meet your deadline to file and you can’t pay, still file an extension. The reason is, if you don’t file an extension then there is a penalty called the ‘failure to file penalty’ and that’s the most expensive penalty,” says Certified Public Accountant, Robert Seaman.
Seaman said even if you owe more money than you can afford right now, there is a way to alleviate the burden.
“There are two things you can do. One, ask for a 90-day extension of time. Or you can enter into what they call an installment agreement and say I can afford ‘x’ amount of dollars per month for 60 months and they will let you pay that amount over time,” explained Seaman.
Experts want to remind you that interest is high on extensions and installments, so people should pay off what they owe as quickly as possible. If you’re feeling last minute pressure, remember accountants are also under the clock
“Because of the late tax laws and them being able to apply regulations and get information out. We couldn’t even start filing until the second week in February,” said Seaman.
Seaman added the deadline doesn’t move, so when there are delays to the start of the season, it creates pressure on everyone.