Still haven't filed your taxes? File an extension to avoid fees.
Photo: Video by fox4now.com
CAPE CORAL, Fla. - It's tax day and that means last-minute filers are frantically working to settle up with Uncle Sam.
If you still haven't filed, Four In Your Corner's Colleen Hogan is talking to a tax expert who says there is one thing you must do, to avoid penalties and fees.
"You have to get it in today or else you run the risk of incurring penalties or fees and interest," Cape Coral CPA Mary Feichthaler said.
Even if you can't file your taxes Monday, Feichthaler says you must file an extension.
You can get the form on the the IRS' website or print it out and mail it in, as long as it's postmarked April 15.
Penalties are no joke.
"The failure to file penalty is five-percent a month of tax due, up to 25 percent," she said. "You'll end up paying a lot more that way."
Feichthaler advises that you file Monday, one way or another, as soon as you can. She says severe slowdowns with the IRS have caused delays.
Returns she's e-filed have taken several hours, and the slowdown is also resulting in returns being processed more slowly.
"The later in the day we file electronically (Monday), we may not even know 'til tomorrow (Tuesday) that the return or extension has been accepted," she said.
But don't rush it, she cautions.
Better to file for more time than to miss deductions that could be coming your way, especially if you own a business.
"In your rush, you might forget deductions that would help minimize your tax liability," she said.
If you do file an extension, it gives you another six months to do your taxes. However, you still have to pay your taxes, no matter what.