10/1/2014

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What to do if you can't get your tax return done on time

What to do if you can't get your tax return done on time
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You haven’t filed your tax return yet and you’re not sure you’re going to be done by midnight Tuesday. Don’t panic, but you do need to take steps to make sure you don’t get into a penalty situation.
 

Bob Meighan at Turbo Tax says you need to figure out if you’re going to get a refund or if you owe money.
 

“Because even for the purpose of filing an automatic six-month extension to file, you still have to pay Uncle Sam by April 15 any tax that’s due," Meighan said.
 

You also need to make sure you file for that extension on time or there's another penalty.

“The penalty for not filing your return on time is five percent on any tax that you have not paid by April 15. And that tax is imposed each month," Meighan explained.

Maybe you’ve completed your return, but don’ have the money to pay all you owe. File the return and then work with the IRS to get them the money. There are actually payment plans available.

More Info: What, Me Worry? Last Minute Taxes

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