Monday at midnight is the deadline to file your 2012 tax returns, and Channel 4 News has some information you will need to know to avoid being hit with a penalty.
If you fail to file by the deadline, you be subjected to two penalties, one for filing late and another late payment fee.
But by filing an extension and estimating the amount of taxes you think you owe, you can avoid these penalties.
The IRS says it's OK to give a rough estimate and then pay as much as you can. That way you can reduce the amount, plus interest, you'll ultimately have to pay.
"If you don't file something by today, either a tax return or extension, you can get hit with a late filing penalty that is 5 percent per month of what you owe up to five months. If you let it go for five months, it could be 25 percent of what you owe. That's a big hit. The second penalty is the late payment penalty that's a half a percent per month of whatever is not paid by today," said Dan Boone, IRS employee.
If you don't have the money to pay now, Boone said you can set up a payment plan.
Just go to IRS.gov, click on "Payments" at the top of the home page then click "Installment Agreement."
Tuesday, September 2 2014 7:39 PM EDT2014-09-02 23:39:10 GMT
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