Seems like we usually wait til the last-minute to do just about everything. However, this is something you don’t want to put off, your taxes. “Most procrastinators are those who don’t want to part with their check, because they owe and aren’t getting a refund,” said IRS Spokesman Michael Devine, according to CBSLocal.com.
If you owe taxes, you are required to submit taxes to the IRS. If you do not file your return to the government, you must request an extension (6 months) in order to allow for additional time to submit. Since April 15th (tax submission deadline day) was yesterday (Sunday), the feds are giving you extra time to file this year. The deadline before being penalized is tomorrow, April 17th.
Keep in mind though, whether you file on time or not, you can still be penalized and accrue interest if you do not pay the money you owe the government in one lump sum. But, don’t be afraid…you can always send whatever you can or nothing if you’re tight on cash and the IRS will then send you a letter shortly after receiving your forms with payment options.
You can make a lump sum payment, or make installments. Just don’t avoid them…that’s just asking for trouble!
More and more people are “e-filing” every year. E-filing is submitting your taxes via the internet. It’s quicker, easy and less troublesome and less expensive than having to mail it in after standing in a long line at the post office.
Additionally, Devine says that there are fewer mistakes made via e-filing. “The chances of making an error on an electronically prepared return is less than 1%, the error rate on paper returns goes as far as 20%, so if you’re worried about making a mistake, then you want to do it electronically.”
The two most common mistakes are in calculating or in submitting social security numbers. They are either wrong altogether, or they don’t match to the multiple people on the forms.
Devine also says that you’re not alone when it comes to procrastination. He goes on to say that almost 30% of people wait til the last-minute.
You can always file right now if you’re ready at irs.gov.
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