April 14, 2003 at 8:58 PM CDT - Updated June 21 at 11:36 AM
Tax Deadline Looming By CJ Cassidy
Failing to file your taxes would be a serious matter and with the tax deadline right around the corner, last minute filers are scrambling to get their returns filed. But if you have a problem and you have simply no way of filing by the April 15th deadline, tax experts say the IRS would be more than willing to work with you.
Local Tax agencies like H&R Block were filled with last minute filers and Tax Professional Teresa Robinson says they are right to worry. "If you don't you will have penalties for not filing and also if you owe the IRS taxes you will owe interest on them," Robinson said.
And if you can't get your return filed on time there are other ways of getting around it. Filing for an extension is one such way; it would give you until the 15th of August to file your return. Of course you would still have to pay the IRS an estimated payment even if you filed for an extension, but you would avoid a penalty.
"The penalty is five percent a month for a maximum of 25 %. If it's filed more than 60 days after the due date then the minimum combined penalty is the lesser of a $100.00 or 100% of unpaid taxes'" Robinson said.