If you’re not going to make it by the end of the day today, file an extension so you’re not penalized for filing late. Late filing penalties are STEEP, so avoid them at all cost. Here’s a direct link to Form 4868, Automatic Extension of Time to File from the IRS website. This will give you an automatic 6-month extension to file your federal tax return so you have until October 15. HOWEVER, this is not an extension to pay. Says the IRS (links and emphasis mine),
"You should pay any taxes you owe by April 15; otherwise, the outstanding tax balance will accrue interest and possibly penalties, increasing the total amount you will owe. If you can’t pay the full amount that you owe by April 15, pay as much as you can to minimize the interest and penalty charges."
If you file late, the penalty is 5% of the amount due per month or part of a month you’re late, up to 25% of the total amount due. If you file on time but just can’t pay all you owe on time, the penalty is only .5% (that’s half of 1%) per month up to 25% of the total due. So, if you file an extension today, you’re much better off than if you do nothing!
In the event of a legitimate crisis like losing all of your financial records in a fire or having a debilitating illness, the IRS has been known to waive penalties and offer free assistance to help you get things straightened out.
The bottom line: File your complete federal tax return OR file an extension today even if you can’t pay everything you owe — and pay whatever you can. Many area post offices will be open late to help people meet the deadline.
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