With Tax Deadline Approaching, An 'Extension' Is An Option - 47 ABC - Delmarva's Choice

With Tax Deadline Approaching, An 'Extension' Is An Option

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47 ABC - Tuesday is the deadline for filing 2013 tax returns, but even if you owe a small amount to the IRS, you are eligible for an extension.

Experts say all you have to do is fill out the IRS form 4868, which allows you to pre-pay against your estimated tax liability. If you do not prepay enough, experts say there is a 0.5 percent penalty on the unpaid balance for each month you have not paid your taxes. However, this is a discount compared to the 5 percent penalty you could pay if you do not file at all.

"The one thing to remember is if funds are owed, those funds have to be sent in with the extension," says Bob Lockwood, owner of Essential Accounting. "If they're not, you can be subject to a penalty and interest."

However, if you do not owe the IRS any money, experts say you technically do not have to file before April 15th, but the sooner you file the more quickly you will get your money back.

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