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Tax Deadline Is Monday: How To File An Extension

6:16 AM, Apr 12, 2013   |    comments
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WASHINGTON (WUSA) -- Time is almost up: Monday, April 15, is the deadline to file your taxes. If you think you just can't get those taxes done by the deadline, then you can still file an extension.

You can find Form 4868 on irs.gov. It will give you six months to get the paperwork for your 2012 taxes in. You also need to file an extension for state taxes.

Remember: an extension of time to file is not an extension of time to pay.  You are not getting a reprieve on what you owe so make an estimate. There are free programs online that can help with that. Then, write a check.

If you don't file and pay, the penalties really add up: 5 percent a month on the unpaid balance. If you pay a $5,000 tax bill three months later, you'll owe a $750 penalty on top of that for failing to file.

But what if you don't have all the money now? Go ahead and pay something. That will help minimize penalties and interest that will apply for paying late.

You can also head to irs.gov and check out the installment plan.
It lets you pay the balance monthly over as long as six years.

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