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Tax Day Fast Approaching

Tax Day Fast Approaching

(Melody Birkett) -- It's cheaper to request an extension than to get penalized for not filing your taxes on time.  

There are many ways you can request an extension but the IRS says probably the easiest way is doing it electronically.  If you don't have software already uploaded to your computer, you can go to www.irs.gov , click on the "free file" icon, and choose option of requesting an extension to file your 2013 taxes at a later date, up to October 15, 2014.  

You have until 10/15/14 to submit the information but not to pay the tax.  Now, if you're getting a refund, you'll want to file in less than three years because the time frame allowed to claim a refund is three years after the due date.  You have until midnight on Tuesday, April 15, 2014 to request an extension.  

If you don't request an extension before 4/15/14 and you owe money, you'll get a late payment penalty which is one-half of one-percent of what you owe and a late filing penalty which is generally 5% of what is due.  By requesting an extension, you'll reduce the penalty amount significantly.  

 

 

 

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