A lot of people have already filed their taxes for this year. Unfortunately, many taxpayers miss the deadline annually. A report in 2014 found that 7 million taxpayers failed to file taxes that year, which means roughly 5 percent of the population do not perform their civic duty.
The deadline is right around the corner. For 2019, the deadline is April 15th, which falls on a Monday. You do not have much time left if you have not already filed your taxes. While you may be in a rush, there are some tips to keep in mind at this time, so you do not make a disastrous error.
Request an extension
If you know for a fact you will not get your taxes in by April 15th, then you need to take action now. The IRS does allow taxpayers to request an extension, which gives you more time. You need to file Form 4868 to get more time. If you do not do this, then you could pay up to 25 percent more than you actually owe.
Know how much extra time you have
If the IRS grants you an extension, then you need to know precisely how much extra time you have. Most people assume they get six months, which would give them until the middle of October to file. However, you could have a lot more. Americans filing taxes outside the country often only get two months. Members of the military often get longer than six months to file, depending on the circumstances.
Pay what you can
For taxpayers who know they have to pay the IRS but do not know how much, it is still prudent to pay something before the deadline. You should estimate how much you think you owe. That way, if you still need to pay something, the penalty will be less. You need to get on your taxes now if you have not started already, or else you may end up paying much more.