It?s never too late ? as long as you pay.
As the April 17 deadline rapidly approaches for filing tax returns, many people dust off their excuses. Whether they are objecting to current government policies or procrastinated, only one thing matters to Uncle Sam next Tuesday: taxes being paid on time.
“People have to file sooner or later anyway,” said Connie Kurtz, a U.S Treasury enrolled agent. “Many are afraid of the IRS or don?t have the money. But always file, because if you do, you stop interest and penalties that they will bill you later for.”
Residents can contact the IRS online, by telephone and through the mail about the possibility of an extension. The catch with an extension, however, is that taxpayers must send payment of their taxes for the extension to be approved. Through this process, the government still gets its money on time but provides a break for filers.
The most important step, though, is to pay the full amount owed. If a person overpays his taxes, the IRS will issue a refund check. Underpay, and that person will have his extension rejected, and he faces the same fines and fees that a person who didn?t file at all would endure.
“If you overpay, that?s OK, but if you underpay, it invalidates the form completely,” said Alfred Giovetti, the state director of the Maryland Society of Accountants.
Another option people have is to file a return to the best of their abilities and acquire an amend. This will enable people to file a return to the best of their knowledge, working with whatever documents they have.
“It is very crazy right now,” Giovetti said. “People waited longer this year than they have in the past, and a lot of them know they are wrong doing it and are very sheepish about it and want me to cut them a break.”
More information
» To find out more about amended returns or extensions, visit www.irs.gov or call 410-962-7969.
