The pressure to file by the April deadline can lead to mistakes on tax returns (a.k.a., mistaxes), which should be avoided. If fatigue, frustration and fear have set in and are making you doubt your ability to file on time, the solution could be as simple as getting an extension with the IRS – which would make your filing deadline Oct. 17.
Applying for an automatic extension to file is easy; no excuses are required and it gives taxpayers six months to get their stuff together to file an accurate tax return and ensure they claim all the tax credits and deductions they are entitled. To make it even easier, participating H&R Block offices are offering FREE tax extension filing through the April 18 deadline.
In 2010, more than 10 million taxpayers applied for an extension to file to avoid the 5-percent, monthly penalty for failure to file. To be clear, the penalty for not filing a tax return or an extension by the deadline is 10 times the penalty of paying late – 10 times. This means you are better off to file a return or extension now and make an estimated payment of what you might owe, than to not file anything by April 18.
So, if time is running out and you need more time, get an extension and make sure the tax return you submit is accurate.