By MATT PIKE
St. Joseph Post
Monday is the deadline to file your tax returns or request an extension on your taxes.
IRS Spokesman Cesar Yabor says if needed, an extension is vitally important, because the IRS charges a higher penalty for late tax filing versus tax paying
“So, it’s very important that taxpayers file their extensions by right before midnight on April 15th, in order to avoid those penalties all together,” Yabor tells KFEQ/St. Joseph Post. “They compound, it’s a bit of a complex formula on how the penalties themselves are calculated, but a critical element in that is they compound month to month to month.”
Yabor says if you are granted an extension, you will then have until October 15th to file all your paperwork.
“That is the tax filing itself, that gives you time to get your documents if you hadn’t already gotten them together by that point, but October 15th is the deadline to file your paperwork if you do get the extension, which in most cases you would,” Yabor explains.
Yabor says as for tax payments what you’ll pay on Monday is an estimated tax amount that you believe you owe, which is very important because the IRS does charge for late payments.
Yabor says despite the tax season starting 10 days later than normal, it’s gone pretty well.
“At this point in tax season consumers are actually seeing the average tax return is amounting to about $3,050 versus I believe about $2,900 last year, so they’re getting about $150 on the average more this year versus last year, so that’s a great thing for the taxpayers,” Yabor says.
The deadline to file your taxes or request an extension is midnight on Monday
