This week people across the United States are participating in what is for Many an annual tradition filing their Taxes at the very last minute the Deadline for most Americans to submit Their tax returns is coming on Monday April 15th as of March 29th the IRS had Received more than 90 million tax Filings tens of millions more are Expected to be submitted in the coming Days I want to bring in madora Lee as we Count down to tax day she's a money and Personal finance reporter for USA Today Uh madora there is less than a week left For Americans to file their taxes tips Please for those who are scrambling to Get it all done before that well the Good news is you still have a few more Days so that's good um but the first Thing you really need to do is get Organized this will make your life so Much easier um have all your W2s your 1099 know how much interest you paid on Those student loans that's important as Well as on your mortgage Um because those can be deductible so The more organized you are the faster it Will go the easier it will be instead of Looking for everything at the last Minute and um you know if you don't have A lot of time no one nobody wants to go Through all of those IRS Publications to Find out what's what's deductible and What's not so maybe try to use some tax
Software that'll kind of walk you Through it it'll use questions and Prompts that you can answer and go Screen by screen and then it just kind Of does everything in the back back Magically for you and for those people Who are perhaps uh flooding in uh Flooded in paperwork and believe that They won't be able to file their taxes On time how do you request an Extension so um a filing extension is um Can be pretty helpful and it's free and Available to anyone um you do still have To do it by April 15th it has to be Postmarked or filed by April 15th um and You can use the IRS free file on its Website or you can print out a form um And complete it and mail it in but it Needs to be postmarked by April 15th Still um and you just need basic Information your name your address your Social security number and um you do Have to do a little math and estimate Your tax liability because an extension To file is not an extension to pay so You still have to send in a check or a Payment um if you are think you're going To owe money so are there are there Limits or I guess downsides is the right Question and to to requesting an Extension is there like you know you Can't do it every year or how does that Work um you can you can do it every year But you only get one and so then that
Pushes your deadline to October 15th um And the biggest downside really is if You expect to get a refund this Completely delays your refund because You still won't get it until you file Your final tax return so you know Instead of getting your refund in a Month you might have to wait till the End of the year for that to get Processed in um to you um the other Thing is that if you underestimate your Tax liability and you don't pay enough You could be hit with interest on what You still owe and a late payments Penalty so you have to be careful of That it's in my opinion a little bit Better to overpay than underpay because If you overpay you'll get that back in a Refund Mador Lee that's great advice Thanks so much thank you
