This includes 2017 individual income tax returns normally due on April 17, 2018.
Filing a tax extension is free. If a person consistently gets tax refunds every year, they can adjust their federal income tax withholding by updating their Form W-4 with their employer.
The Internal Revenue Service (IRS) says as of April 1, 1 in 3 people across the country still had not filed their tax returns.
Don't forget about state taxes, advised Lisa Greene-Lewis, tax expert for TurboTax.
This photo shows an IRS W-4 form on Thursday, Feb. 1, 2018, in NY.
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"You still need to get an extension because if you don't and don't pay, the penalty is around 5 percent a month versus if you file the extension and pay later it is a half percent per month so that is a big difference", said Smith. Taxpayer Clint Parker said waiting to the last minute worked in his favor. They'll need to wait because they don't have the information necessary to compute their tax obligation. "They should still file their return to avoid a penalty for failing to file". It also includes the fourth quarter estimated tax payment normally due on January 16, 2018.
"There's no reason for you not to prepare or have your tax return prepared for 2014 so that you can get your refund", Helen Fuller, a tax preparer with Liberty Tax, said. For questions, call the IRS disaster hotline at 866-562-5227.
The most popular planned use of tax refunds, coming in at 43%, is adding the money to their savings. In fact, they're lower than they've ever been in the past 15 years, primarily due to a reduction of the IRS' budget according to the New York Post. You must still pay your tax liability to the IRS by April 17. Go back and look at what you paid in taxes previous year, including both withholdings and any payments you made (including estimated quarterly payments as well as payments you made last April).
However, if you can't find a way to pay - file anyway.