WASHINGTON – The clock is ticking toward the midnight tax filing deadline. But, if you haven’t done your taxes yet or a complication has arisen, don’t panic.
Just file an extension.
“Rather than stressing to make sure you get it in on time and make mistakes, file an extension,” says Eva Rosenberg, known on the Internet as TaxMama.
Rosenberg advises using form 4868 for your personal extension, and it can all be done online. She says to include some estimate of what you owe and suggests if you can’t pay all of it, just send the IRS the extension and at least $50.
If a return or extension request isn’t filed, there could be fines up to 5 percent a month until the balance is paid. An extension penalty is a 1/2 percent per month for anything unpaid.
New this year, taxpayers can file a form 1127A which allows those who meet strict criteria to avoid paying for six months.
Most of these tax-related tasks can be done online.