MYRTLE BEACH, S.C. (WBTW)-You don’t have a lot of time left but you still have time Monday to either file your taxes or file an extension. Many accountants will be extremely busy today and simply may not have time to complete your 2015 taxes.
If you don’t file by Monday or don’t request an extension by today, you’re subject to a failure to file fine and or a failure to pay fine.
Failure to file typically costs more than failure to pay. The penalty for filing late is usually 5% of the unpaid taxes for as long as they’re late.
If you do not pay by Monday, you’ll owe one half of one percent (0.005) of your unpaid taxes to the IRS.
A local accountant says most people know if they’ll get money back or if they’re going to have to pay in.
If you know you’re going to owe money, you need to pay that amount today.
“It’s not an exact science if you know you’re going to estimate your taxes that is exactly what it is, an estimate. So you need to send that payment in with the extension. Let me just emphasize, it is an extension to file period. It is not an extension to pay your money that you owe,” said Joe Allen of J and J business service.
If you need to file an extension, go to IRS.gov, click on forms and you’ll need the 4868 form. Fill that out and be sure to get it postmarked with today’s date.
