Monday is Tax Day here’s some tips if you procrastinated till now
PROVIDENCE, RI (WLNE) – Monday is your last chance to file your 2020 taxes.
If you need more time to pay don’t panic. IRS spokesperson Alejandra Castro says you still have options.
“File for an extension, which you do either electronically or by downloading the four eight, six, eight form and sending it in,”Castro told ABC.
But an extension to file is not an extension to pay. If you owe money, you’ll have to estimate your tax liability and make a payment.
“The failure to file penalty is 10 times higher than the failure to pay a penalty,” H&R Block Chief Tax Officer Kathy Pickering said. “And my advice is, please file your taxes. Even if you don’t think you can pay so that you’re not continuing to incur that really steep penalty.”
“Send something as much as you can call the IRS, let them know your situation, try to do a payment plan. The IRSis always willing to work with taxpayers. But we can’t help you unless you contact the IRS,” Castro said.
If you file by midnight on Monday save a PDF of your confirmation.
Refunds are typically issued within 21 days.
You can check the “where’s my refund?” took on the IRS website for status updates. It will give you an estimated date of when that money is going to get paid out.
If you were unhappy or surprised by the amount of money you owed this year, you may need to make adjustments to your withholding.
There is an IRS withholding calculator on IRS.gov where taxpayers can actually input information and they’ll get a result as whether or not they should increase their withholding.
On the flip side, if you had a big refund, you can opt to have lower amount withheld throughout the year.