Tax Day is Tuesday, millions have yet to file


Tuesday at Midnight is the deadline for tax returns and Garcia says e-filing is the way to go.

The deadline is later this year due to several factors.

That's because April 15th falls on a Saturday, and April 16th, which is Emancipation Day in Washington, D.C. falls on a Sunday - so that holiday gets pushed to Monday. It's usually celebrated on April 16, or the closest weekday, in this case, Monday, April 17.

The IRS reminds taxpayers that there is no law that permits taxpayers to refuse to file a federal tax return or refuse to pay their taxes.

Note, however: Filing an extension gives you more time to fil, but it doesn't give you more time to pay any taxes you owe.

The IRS encourages taxpayers to file a complaint if they have been mistreated.

Experts stress the importance of getting your taxes done ahead of the deadline.

The IRS said more than $1 billion still remains untouched as a result of people not filing their 2013 federal tax returns. The average refund: $2,851. While there's nothing wrong with using legal measures, such as taking deductions, to lower your taxes, engaging in outright tax evasion is a completely different story, and if you're found guilty of it, you could face a host of serious consequences. And you must pay (from withholding, estimated payments and what you pay with the extension) at least 90 percent of what you owe for 2016, or pay an amount equal to 100 percent of your 2015 tax liability (110 percent for taxpayers with prior-year adjusted gross income greater than $150,000).

Some taxpayers won't qualify to file extensions of any kind.

The form must be mailed to the IRS with a postmark on or before Tuesday, April 18.

Filing a tax extension keeps you in good standing with the IRS, which will then know that you'll be filing your complete paperwork later. However, any tax owed is still due on April 18, 2017. Submitting a tax extension form is easy.

The system, he said, makes transaction more convenient to individual tax payers provided they are properly registered with BIR's EFPS structure. Still, Postmaster Harry Gifford with the Emporia post office says they do expect some last minute filers.

No pre-registration is required, and payments can be scheduled up to 30 days in advance.

It's possible to get the automatic extension without filing IRS Form 4868. Requesting an extension does not extend the period to pay tax.

The interest rate is now four percent per year, compounded daily, and the late-payment penalty is normally 0.5 percent per month.