The deadline to file your taxes is April 17, but University of Missouri Extension personal financial planning specialist Andrew Zumwalt says it’s not a time to panic.
According to a news release, he says income-tax extensions are easy to file. You can get an automatic six-month extension of time to file from the Internal Revenue Service. To do so, he says you must file Form 4868 by April 17.
An extension to file is not an extension to pay, Zumwalt says. Interest and other fees may accrue during your extension period. If you cannot pay any or all of the amount owed, you can request a 60- to 120-day extension of payment. If you need more than 120 days, you can set up an installment agreement.
Whatever you decide to do, don’t ignore the situation. He says the worst thing you can do is put your head in the sand. Don’t ignore the need to file or the need to pay. If you get mail from the IRS, open it and act upon it immediately.
For more information, visit the website, www.irs.gov.