Tax Filing Deadline Is April 17

If you think you can’t make the April 17 tax filing deadline, the Internal Revenue Service recommends you file for an extension, giving yourself an additional six months to file your return.

The problem, the extension does not mean the IRS will wait for its payment if you owe the government money.

“April 17th is still your deadline, and what happens is if you don’t pay by that deadline you can have penalties and interest that will accrue on your account and by the time you end up filing you may owe more than you thought you did because of of penalties and interest,” said Raphael Tulino, an IRS spokesman.

At the same time, Tulino says the IRS realizes because of the tough economy, a lot of taxpayers may find it difficult to pay their tax bill.

That’s where the IRS Fresh Start Program comes in. In extreme cases the IRS will settle for less than the full amount owed. In all cases, installment payments are offered for people who can’t pay off their tax bill in one lump sum.

“We doubled the threshold in which you can fit. If you owe up to $50,000 now, we also made it instead of 60 months, 72 months to pay when you set one of these things up to pay over time,” said Tulino.

At irs.gov, a video series titled Owe Taxes? Understanding IRS Collection Efforts, spells out all of the options available to pay-off tax bills.

The bottom line, don’t neglect filing a tax return.

“If you’re in a position you can’t pay, you’re thinking what do I do? File a return, file that return, pay something,” said Tulino. “Let the IRS know you’re in this position and we’ll work with you and make it easy for you with the obligation and for the agency to take care of your obligation as easy as we can based on your situation.”