Just in case you’ve forgotten – federal income tax returns are due today.
The deadline slipped from the 15th to the 17th this year because the 15th was a Sunday and the 16th was a federal holiday – Emancipation Day – in Washington, D.C.
If you think you’ll need every possible minute, a number of local post offices will remain open until midnight to ensure your return gets an April 17th postmark.
If you can’t complete your return on time, your other option is to request a 30- to 120-day extension, but the IRS wants you to know that an extension in the filing deadline is not an extension in when your tax payment is due.
Even with a requested extension, you’re expected to send in a check for your estimated tax. Or you can set up an installment payment plan, for a fee of up to $105, that will result in lower penalties and interest.
According to the National Taxpayers Union, it took the average taxpayer 24 hours to keep records and complete their taxes this year. The majority of taxpayers used a preparer, at an average cost of $207.
As of April 7 the IRS had issued 73.6 million refunds totaling $174 billion. The average refund was $2,366.
Mike Benbow: 425-339-3459; email@example.com.