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Residents able to apply for 6-month extension on taxesPosted: Updated:
There is good news for those who won’t be able to file their taxes by Tuesday’s deadline: An extension is possible.
Taxpayers just need to fill out the 4868 form to get six more months.
While the new tax deadline would be Oct. 15, it doesn’t mean taxpayers are off the hook.
"While you can extend the time to file your taxes, the government still does expect you to make a payment to what your estimated tax liability may be. And if you don't make that payment, you can have a penalty and interest charges racking up for those six months,” says tax attorney Rebecca Walser.
That may mean that taxpayers owe more money.
Walser advises to look at gross income and total deductible expenses. As long as they are approximately the same, taxpayers can calculate a high level of how much of a difference between last year and this year their tax liability might be. She says taxpayers can also try using tax software to plug in their information.
Walser says it’s important to not underpay the IRS.
"Beyond a 10 percent grace, you're looking at penalties and interest if you have underestimated and underpaid that tax due,” says Walser