2 Reasons To File Your Tax Return On Time

April 15th is one of the most stressful days of the year, Tax day! This is when we scramble to get our statements, receipts and stubs to avoid being late.

To help you save some time, money and stress…

File for an Automatic Extension.

If you know you will not have time to finish your tax return, don’t worry, you can file for an extension.

Use IRS form #4868. The extension will give you 6 more months to get your taxes done. Best of all it’s free to do.

Remember, if you file for an extension, you still have to make an estimated payment by April 15th.

If you do not make a proper payment on this date, you could be subject to these 2 nasty fees.

1. Late payment penalty.

Which is 1/2 of 1% of taxes due and charged each month. The maximum penalty is a whopping 25%.

2. Late filing penalty.

This is charged if your return is filed after the due date. And is usually 5% of the amount due each month with a maximum of 25%.

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