Today is the deadline to either file your federal and state income taxes or electronically file an extension request in order to avoid hefty penalties and interest from the IRS and Indiana Department of Revenue. If you’ve waited until the last minute and won’t be able to get your return done, H&R Block senior tax advisor Michelle Bachtel says you have an option if you act quickly. “File the extension, because the extension alone is going to save you money. Even if you can’t afford to give them a penny, just file the extension,” Bachtel says. That extension will need to be filed electronically. It will give you six months to complete your return without late filing penalties, but Bachtel says any taxes you may owe still need to be paid today if possible in order to avoid failure to pay penalties and interest. “Taxpayers who owe but can’t pay in full have several options for meeting their tax obligations. For example, you can use the online payment agreement application on www.IRS.gov. If you owe $50,000 or less in combined penalties and interest, request an installment agreement and be immediately notified if the request is approved. An installment agreement allows you to make payments over time rather than paying in one lump sum,” Bachtel says.
If you mail your return, it needs to be postmarked by today. That means you need to have it to the local post office by early afternoon in order to make their mailing cutoff for the day. Also make sure all filers sign the mailed copy so processing is not delayed.
