October 15 deadline for tax filing extension

I know some people who like to avoid the April tax rush by working on their returns on New Year’s Eve while everyone else’s trying to get wasted.

The thing is, even if you mix it up with the rest of the pack in April, you can still file for a six-month extension. For those who have done so last April, well Thursday (October 15) means it’s the deadliest deadline for your tax return.

The IRS stated that there are 11 million people who filed for the extension. Not filing by the 15th mean that you will be slapped penalties by the IRS.

Quick advice: file even if you don’t pay. If you owe the IRS less than $25,000, you may opt for a payment plan. Things to take note of – deductions, tax credits, medical costs, contributions to charity, and inevestment losses.

Source: MSNBC

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