Tax Day freebies (or almost free) ease filing pain

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John Waters, vice president and director of tax consulting services with BMO Wealth Management, recommends the first you do when you get a refund is to review your tax return and make sure everything is correct and as expected.

15, 2018, photo, Susan Prendergast, reference supervisor at the Eudora Welty Library, in Jackson, Miss., adds additional federal tax filing information booklets on a shelf. "Because odds are, unfortunately, there's a lot of scams out there and if they're trying to pressure you into some sort of a garnishment or we can settle this through a wire transfer or money gram that's a pretty big red flag", Adel explained. "So, as long as the time on that electronic filing is before midnight of April 17, you're good".

And the turn-around time to get your refund is pretty fast: The IRS issues 9 out of 10 refunds in less than 21 days after a return is filed.

Procrastinators, don't despair. There is still time to file your taxes - but not much.

So on Tax Day, we should ponder the huge cost of government, while also considering whether it is healthy for democracy when such a small group carries most of the load. The form must be mailed with a postmark on or before April 17. The failure-to-pay penalty, which is the penalty for any taxes not paid by the deadline, is 0.5 percent of the unpaid taxes per month.

For those not well-versed on all things taxes, the extension is filed with IRS Form 4868.

Individuals can file an extension easily. The only complication is that the site seems to list normal post office hours-some locations offer extended hours on Tax Day. "While you generally have three years to file a return and get a refund, you won't receive a refund until you file your return".

"If you file for an extension until October 15, you actually have to pay something today", he said. Before you decide to do that, though, you should know that if you owe money, an extension to file is not an extension to pay. Some people may be wondering, "Well, what if I just choose not to file my taxes?"

The amount you pay with the extension should be at least 90 percent of your actual tax liability. "If you have a debt due it doesn't extend the date for payment".

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