While some Americans look forward to Tax Day for the freebies and deals, several others grudgingly view it as the looming deadline for filing their tax returns. The deadline for filing this year is midnight, Monday April 18.
So, if you still have not quite gotten around to it just yet, don’t panic: you still have some options.
In fact, Michael Medina, the office manager for Angela Hightower Income Tax Services, says when it comes to filing those taxes, it’s better to do so on the day of versus completely missing the deadline. He says often times, some people will hurriedly try and get everything together as fast as possible and wind up overlooking several details.
“You obviously want to get your taxes filed by a long time, but if you don’t have everything together I would suggest taking your time collecting everything and then filing it all correctly as opposed to filing just part of it and having to go back and amend it, so it’s always just best to file it all at once. All correctly.”
Although the banks closed at five and six, with the ultimate deadline being at midnight you still have plenty of time to either file electronically or file for an extension.
“You can file an extension up until midnight tonight. It will give you six months additional to prepare your taxes and also it will prevent you from paying any penalties for failure to follow, so get your extension in if you haven’t gotten your taxes in on time,” said Medina.
However, if you fail to either file your taxes on time or manage to get the extension, then you may be in a little bit of trouble.
“If you didn’t file or get the extension on time, you’re going to have to pay a penalty and obviously, if you owe taxes you’re going to have to pay interest starting at midnight tonight so your tax bill will grow over time.”
But even then, you may still be in the clear: if you know you will be receiving a refund, there’s no need to worry. 2015 tax returns that are due a refund have until April 18, 2019 (Oct. 17, 2019 with an extension) to be filed with the IRS.If you don’t file by then, the U.S.. Treasury simply continues to keep your donation.
Now, if you owe additional tax, you are advised to return as soon and as much as you can, even if the tax bill can’t be paid immediately. Essentially, the longer you wait, the more you will owe.
So, surround yourself with the options you are allotted: either file before midnight or file for the extension.
The sooner the better, but better late than never.
