If you've been putting off your taxes till the last minute, you better hop to it. And fast.
Today is the deadline for filing your 2012 tax return and it should be a busy day at any tax prep office.
The IRS is expecting several hundred thousand tax payers to file extensions.
But tax specialist Tera Schultz says if you can, it's best to go ahead and get that return post marked or e-filed today.
"It's over with," said Schultz. "You don't have to worry about it. It seems like every year you know the extension will get you through to October 15th. And it seems like every year we have people that come in October 15th and they're stressed out again."
But there are some instances where Schultz says an extension can be helpful.
"There are various reasons. One being you haven't gotten a W-2 or another important document that you need to file."
Also Schultz says if you've moved or haven't changed your address with your employer, you could be missing a W-2.
Schultz says if you don't file your taxes and don't apply for an extension either, you might find yourself sorting out quite a mess later on.
"You're going to eventually get a letter from the IRS saying 'This is the amount that we expect to get from you.' At that point you can file a tax return but you will still be facing your failure to file penalties," said Schultz.
The penalty for not filing is a five percent penalty per month or part of a month.
So if you owe a thousand dollars, they're going to add fifty.
If you do file an extension, it's not extra time to pay. That money still has to be post-marked today. And you just have to estimate what your would owe.
So what if you can't pay in full?
Schultz says to give the IRS whatever you can. And as long as it's paid within 120 days, she says you may not face penalties. After that, you'll be forking out more money to the IRS in late fees.
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