You are here: FatWallet Blog > View Blog Entry
Happy Tax Day! If you're freaking out because you haven't done your taxes yet and today sneaked up on you, don't worry! FatWallet to the rescue to help you handle your lack of preparedness with financial finesse.
Today's post is a choose your own adventure with two main options: File your taxes last minute, or file a tax extension form to give yourself six extra months.
Options to File Last Minute:Unless you're reading this post late at night or after April 15th, you still may have time to submit your taxes today. You can file electronically before midnight using a tax software program, through an accountant, or the IRS website. The other option is to print the appropriate tax forms and get them post marked for today before the post office closes.
Don't forget to reference our blog post on 2014 Edition - Tax Deductions You Cannot Miss, as well as Tips for Last Minute Tax Filers!
How to File a Tax ExtensionWhat if you are out of time to file? Filing a tax extension will buy you an extra 6 months to file your taxes but it will not extend your tax payment date. You will have to estimate the tax liability you owe, subtract what taxes you've already paid, and pay the balance you owe by 4/15/14. The tax extension will give you until October 15, 2014 to file your 2013 taxes.
There are 3 Ways to Request a Tax Extension:
Even if you don't have the money to pay your tax bill, filing a tax extension is a much better option than not filing at all. The tax penalty for not filing is 5% of your tax bill each month for 5 months vs. the .5% penalty per month for not paying your tax bill on time.
Here is a link to your electronic tax payment options. Be sure you have your copy of last year's (2012) taxes with you for verification.
If you're reading this post after April 15 don't panic! There are helpful resources in this post: Missing the Tax Deadline Isn't the End of the World.
P.S. Make sure you get your money's worth today with our list of Tax Day Freebies & Deals!
Stay in the loop to hear about more great deals like this! Follow FatWallet on Facebook and Twitter!
Let us complete the Cash Back purchase for you!