The tax deadline for almost all Americans is today – Monday, April 15. And if you’re one of those who waited until the last minute to handle your taxes, you do have some options, according to the Internal Revenue Service.
Here is what you need to know about the tax deadline
For most of the nation, the tax deadline is April 15. Taxpayers in Maine and Massachusetts have until April 17 to file and pay taxes due this year because these states observe the Patriots’ Day holiday on April 15 this year and April 16 is the Emancipation Day holiday in the District of Columbia. Other taxpayers in disaster areas, certain active-duty military members and citizens living abroad automatically get more time to file.
How do I get an extension?
The IRS estimates 19 million taxpayers will file for an automatic extension.
Filers can get an automatic extension through Oct. 15 but while that grants you extra time to file, you still have to pay any amounts owed on time to avoid penalties and interest.
Individual tax filers, regardless of income, can electronically request an automatic tax-filing extension through IRS Free File by filing a Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.
You can go here to see more on how to file for an extension.
What if you owe the IRS money?
You can avoid paying interest and some penalties by paying your balance due by April 15, even if you file for an extension. You can go here to see options for paying your taxes online.
What if you’re unable to pay your taxes in full?
If you’re unable to pay your taxes in full by the deadline, the IRS recommends paying what you can now and then applying for an online payment plan. The online portal gives you an immediate response to a payment plan without writing or calling the IRS.
The payment plans can include:
- Short-term payment plan – The total balance owed is less than $100,000 in combined tax, penalties and interest. Allows for an additional time of up to 180 days to pay the balance in full.
- Long-term payment plan – The total balance owed is less than $50,000 in combined tax, penalties and interest. Pay in monthly payments for up to 72 months. Payments may be set up using direct debit (automatic bank withdrawal) which eliminates the need to send in a payment each month, saving postage costs and reducing the chance of default. For balances between $25,000 and $50,000, direct debit is required.
You can go here to see more on payment options.