If you don’t file your taxes by midnight, and you owe money, you’ll have to pay a failure to file penalty. Failure to file is ten times more expensive than the failure to pay penalty
It’s April 15th which means time is running out to file and pay your taxes. The deadline is midnight, but what if you can’t afford to pay?
Tax preparers say you can get an extension to file your taxes, but if you owe, that money is due now. So at the very least, just file your taxes or for an extension. If you don’t file either and owe money, you’ll have to pay a failure to file penalty. The penalty is five percent added on to what you owe per month up to 25 percent--plus interest. That’s ten times more than the failure to pay penalty.
Another option is to pay 90 percent of what you owe. Then you won’t have to pay the penalty. You can also work out an installment plan, but that paperwork has to get in the mail or filed online before midnight.
“The Internal Revenue Service has online filing. They have access to the form 9465 online. They accept debit cards and credit cards online,” said Stan Suit, an Albany tax preparer with Advanced Tax.
Go to www.irs.gov to find all the answers to your tax filing questions.
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