Last minute tax-filers: Tips and reminders for midnight deadline
Still need to file your taxes? Sandra Block of Kiplinger's Personal Finance offers advice for electronic filing options for people pushing up to the April 15 midnight deadline.
Block's Tax Day tips and reminders
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1) If you're using online tax software, TaxACT is the cheapest, but Block recommends Turbo Tax for the best experience.
2) If you expect a refund, file an extension today.
That gives you until October to file. You can file your extension through the online tax-filing sites like Turbo Tax and it saves you from the 'failure to file' penalties.
3) If you owe money or think you'll owe money, you should file your tax return.
You won't get the 'failure to file' penalty. If you can't pay right away, you can either use a credit card and pay the processing fee or receive a bill from the IRS and pay interest on that balance.
4) The basics on penalties:
• Failure to file penalty is monthly and goes up every month 0.5 percent, up to 25 percent of what you owe plus interest.
• Failure to pay is 0.25 percent per month and adjusted interest quarterly, which is currently at 3 percent.
5) Don't expect a lot of online support today.
The online tax filing sites usually offer some kind of tax support, but they will likely be flooded with other last-minute filers.