Taxes Due Today

Taxes Due Today Click to Enlarge Photo: Pixabay

(KNSI) - It's that time of year again when your taxes are due, but if you haven't even started or aren't done, there's still hope. If you're in a crunch, all you have to do is just file for an extension which anyone can do for any reason. Tax law professor Thomas Griffith says there's one thing to keep in mind if you want an extension.

"The key is to file for an extension prior to the time the taxes are due. Now, the only thing to bear in mind is that you need to pay an estimated amount of tax at that time."

Griffith says if you file for an extension and do have to pay in, the government isn't looking to gouge people who need extra time.

"The good news for most taxpayers is that the interest rate is reasonably low, so it isn't a large penalty for paying your taxes a bit late."

If you file for an extension, you need to file form 4868, which gives you an automatic extension for 6 more months. Once your extension is filed, you will have six months to get your federal returns ready. If you still don't have them done by then, you will face a penalty that you'll have to pay on top of the payment you already need to make to the government.

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