According to the IRS records some 12 million American taxpayers requested tax extension this year. That means that there are only few days left and most of those who requested the extension are yet to file income taxes.
Here’s what you need to know if you haven’t filed your taxes yet:
- The upcoming deadline is for the following forms:1040, 1040A, 1040EZ.
- Despite interruption in government operations (shutdown) the deadline is still in place.
- After October 15th you will not be able to file electronically; you have to mail your income tax returns.
- Exceptions for October 15th deadline apply to military personnel or those who reside in areas affected by natural disasters, most recently areas of Colorado.
- During the current government shutdown tax refunds are not paid out until the government resumes normal operations.
- You may find it challenging having your tax questions answered by the IRS. The hours of operations are limited or completely suspended in IRS offices; phone support is off (except for automated information).
Remember, that if you owe tax payments based on income earned last year, you have to pay interest on the amount you owe. Failing to file taxes can lead to penalties on top of the interest and taxes you already owe.