WICHITA, Kan. (KWCH) With tax-filing deadline nearing, IRS says about 50 million people still need to file.
"A lot of people wait until the last week, maybe they know they owe and they're not getting a refund, or maybe they've procrastinated," said Sue Hornung, local tax preparer.
For many, this means rushing to file but the IRS encourages you not to do this because you could make a mistake on your taxes. Instead, file for an extension so you have some extra time.
"The best thing to do if you don't have it altogether is definitely to get an extension because there's no use in paying those penalties if you can avoid it," said Hornung.
If you want to file for an extension, go to the IRS website and on the right side of the screen you will see "apply for extension of time to file". Once you click that, it will walk you through filing an extension.
While filing for an extension gives you time to get organized, it doesn't give you more time to pay. If you owe taxes, they're still due on April 15 and missing the tax deadline could mean a late penalty.
"I just want to reiterate filing for an extension gives you till October 15 but it doesn't extend the time to pay," said Hornung. "Go ahead and make a payment on April 15 with your extension request."
For those who can't pay the balance by the deadline, the IRS website lists some alternative payment methods. One option is an online payment agreement that can usually be set up in a matter of minutes. It's important to note that interest will still be paid on any payment made after the tax deadline.
"If you are filing your return, and you want to do that, you just fill out that form and request the installment agreement and they will give you up to two years to make a monthly payment on the balance that you owe," said Hornung. "There are stipulations, you have to stay current on this year's tax obligations. So you need to address the situation that made you owe."