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Published: Tue, April 18, 2017
U.S. | By Rene Hicks

Time Is Running Out To File Your Taxes

Time Is Running Out To File Your Taxes

In the meantime, the next time someone tries that "the rich don't pay their share of taxes" line, direct that person to the Huffington Post. First they've managed to skew the tax code to the point where a tiny fraction of the country pays the vast bulk of the tax bill, while more than 40% pay nothing. The USPS also is encouraging filers to check what time the mail goes out, if you miss the deadline you may have to file an extension.

Hey, procrastinators, don't panic if you haven't filed your income-tax return yet. The IRS reports that the error rate among returns filed electronically is less than 1 percent.

Taxpayers who living in certain designated disaster areas qualify for additional time to file their tax returns and pay their taxes owed.

The IRS won't reject an extension request, unless you're being investigated or are in some kind of trouble already with the IRS, Veldt said. To do this, pay all or part of your estimated income taxes that are due. For 2017, taxpayers who reside in certain portions of George and MS have until May 31, 2017 to file and pay their 2016 tax return.

But one simple number can be deceiving if you're trying to paint a national picture. But if you need more time to file state taxes, too, note that getting a federal tax extension doesn't mean that the deadline to submit your state taxes is also extended.

Rauschenberger says it's a combination of people filing extensions and fewer people working in the state.

If you still haven't filed your federal and state income taxes, here's a little advice.

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But since this Monday is the Washington DC Emancipation holiday, you now have until Tuesday to file.

The failure-to-pay penalty, which is the penalty for any taxes not paid by the deadline, is ½ of 1 percent of the unpaid taxes per month and can be up to 25 percent of the unpaid amount. The IRS offers a payment installment agreement option.

"You could negotiate penalties and interest, not usually the tax, but with a hardship you might be able to negotiate a tax settlement", Speiss said. These extensions also apply to how long the taxpayers have to contribute to their individual retirement accounts for 2016.

If you file and pay late you are most likely going to have to pay a price.

He continues: "We spend billions of hours, $10 billion on tax preparation, and people on a lovely April weekend, when you ought to be out playing golf or playing soccer, you're slaving over IRS forms".

Filing for that extension involves filing Form 4868 by the April 18 deadline, which will extend the due date of your full return for six months to October 16, 2017. The penalty for returns filed more than 60 days late can be $205 or 100 percent of the unpaid tax.

But if all this looks like a grind, don't forget, you can file an extension! Credit cards can be an expensive alternative because you will have to pay fees. In Colorado, where the average state and local sales tax rate is 7.5 percent, this family will spend $3,000 in sales tax, raising its effective total tax burden to over $36,000 or 36 percent.

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