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WKBT May 10, 2021 9:00 AM MoneyTips Posted: Updated: Procrastinator alert: your taxes are due! If you are nowhere near ready as the scary deadline approaches, you may file an extension with the IRS that gives you up to six more months to file your taxes. Filing an extension will spare you from late filing penalties — 5% of the amount of tax you owe for each month or partial month past the deadline. The extension is automatic — you do not have to send any justification or reasoning like “I have 5,000 wadded-up receipts crammed in a shoebox.” The IRS and Treasury Department ha...

The difficult part … is determining the estimated Balance Due

Blog: File on Time – Even if You Can’t Pay Generally, taxpayers should file their tax return by the deadline even if they cannot pay the full amount due, but if you can’t there are several options. Let’s take a look at a few scenarios: 1. An individual taxpayer owes taxes, but can’t pay in full by the deadline. If this is the case, file a tax return or request an extension of time to file by the May 17 deadline. If tax is owed and a return is not filed on time – or an extension is not requested – the taxpayer may face a failure-to-file penalty for not filing on time.

Nagel: Try Form 4868 for tax extension; you might like it Editor’s note: Roger Nagel has let us know that the federal government has deferred the income tax filing deadline until May 17 since he submitted this article, but any tax payments due for the first quarter of 2021 are still due April 15. The rules are still subject to change. Roger Nagel Workload compression refers to the surge in demand for tax preparation services each year around key filing deadlines. A surge in demand usually brings a smile to the faces of business owners. That is, until they realize despite their best efforts ...

Author Bio Former college teacher. Textbook contributor. Personal finance writer. Passionate advocate of smart money moves to achieve financial success. Filing your tax returns on time is important to avoid penalties for tardiness. In most cases, this means you'll have to submit your 1040 forms by April 15, which is usually tax day. If the 15th is on a weekend or a holiday, your forms will be due on the next business day.  Unfortunately, sometimes things come up and it becomes difficult or impossible for you to make the deadline. If you're worried that will happen to ...