Tax Time is Here
If you haven't looked at the calendar lately, the deadline for filing your income taxes is almost upon us.
The deadline this year is actually April 17, thanks to the 15th being on Sunday and Monday being Patriot Day in the District of Columbia. In conversations with tax professionals and news releases from the Missouri and Illinois Departments of Revenue, I've learned there are a couple of things they want to emphasize.
First, if for whatever reason you just won't be able to get all the information your tax preparer needs together before the deadline, you can file an extension. That will give you till October to file. But, if you think you will owe, go ahead and send that money in with the extension request.
Second, if you are able to file on time but can't pay any or all of what you owe, go ahead and file. Pay what you can. You will get a notice in a couple of months from the IRS about settling up. They will work with you to set up a payment plan. In fact, by law, they have to.
For more information, contact your friendly neighborhood tax professional or the IRS.