TODAY IS TAX DAY! As of April 9, some 50 million Americans had yet to file their returns. Here's what to do if you need more time.
Plenty of Americans leave their taxes until the last possible week. In a typical year, between 15 and 20 million people file their tax returns the last week before Tax Day, while another 20 million file after the due date.
Residents of Maine and Massachusetts get one extra day to file — until April 19 — because of those states' recognition of Patriots Day on April 18. Also, military service members or support personnel in combat zones have more time to file. They have at least 180 days, or about six months, after they leave the combat zone to file their tax returns and pay any tax due, the IRS notes. A list of designated combat zones isU.S. citizens and resident aliens working abroad also have until June 15 to file their returns and pay taxes due, although any unpaid taxes will accrue interest at the rate of 4%, componded daily, after April 18.
For instance, if you estimate that you owe $10,000 but end up actually owing $11,000, you'll be charged an underpayment penalty. But it will be less painful to face an underpayment penalty for $1,000 rather than the entire $11,000 that you owe, Bronnenkant noted. If it turns out the IRS owes you money, you'll have to wait until after the IRS processes your tax return for the refund.
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