This year, you have a little more time to file your income taxes. But now is not the time for any more procrastination because Tuesday evening is the deadline:
Q: Why is the income tax-filing deadline on April 17 this year and not April 15?
A: This year, April 15 falls on a Sunday and Monday, April 16 fell on the District of Columbia's Emancipation Day. By law, District of Columbia holidays are treated like federal holidays when it comes to tax deadlines.
Q: What if you are not going to make this year's deadline for filing your federal tax return?
A: You can get a six-month extension to file your tax forms, as long as you make the request by midnight Tuesday.
Q: How can I file an extension?
A: By mail, via tax-preparation software or online via the IRS website, www.irs.gov. To request the extension, you must fill out IRS Form 4868, which is available on the IRS website, through most tax preparation software, as well as in public libraries and post offices.
If you opt to mail in the form it has to be postmarked by Tuesday to be considered on time. Forms filed online on the IRS website or by using tax software can be sent in as late as 11:59 p.m. Eastern Standard Time on Tuesday. If accepted, you will have until Oct. 16 to file a complete tax return. The IRS requires taxpayers to pay up by Tuesday's deadline or face a host of penalties.
Q: What are the penalties?
A: The IRS will charge interest on unpaid taxes at a rate that currently is about 3.25 percent and is compounded daily. The IRS also will charge a late payment penalty of one-half of 1 percent of any tax not paid by April 17. It is charged each month or part of a month the tax goes unpaid, up to 25 percent. That interest rate can jump to 1 percent, however, if the tax bill hasn't been paid within 10 days after the IRS issues a notice of intent to levy. But a payment plan can be worked out with the IRS that can reduce the rate to one-quarter of 1 percent.
Q: Will post offices be open later than usual?
A: No. Many metro-east post office will operate Tuesday under regular business hours. Belleville Post Master John Sertich said the advent of filing online has left little if any demand for later than usual hours on tax day: "We don't do anything special for tax day anymore. The scheduled collection time will not be extended. Whatever time is on the mailbox is the time they have to meet. There will be no special collections. If they do bring in a tax return and they want it post marked by tomorrow, they bring it to my counter. We are open till 6 p.m." full story
