BECKLEY, WV (WVNS)– If you still need to file an extension for your taxes, there’s no need to panic. It can easily be done in any online tax service, or by filling out an extension request form on the IRS website.
However, if you owe money on your taxes, filing for an extension does NOT give you extra time to pay what you owe.
Tax accountant Tony Martin of Tax Return Specialists LLC. said not understanding you still have to pay what you owe on tax day is the biggest mistake people make when filing for an extension.
“So I want to make it clear that that extension does not extend your time to pay,” said Martin. “Although your extension will give you a six-month automatic extension until October 15th, it does not extend that payment due date, which remains April 18th.”
Martin also said that if you are unable to pay the full amount you owe right now, the best thing you can do is pay as much as possible, so that you will face less harsh fines and penalties, and less interest will be tacked on.
“If you owe a balance, make sure you get the extension filed, and pay as much as you can along with that extension. Otherwise, you’re going to subject yourself to failure to pay penalties, failure to file penalties,” Martin told 59News.
Even if you don’t owe money, Martin said you should still file your taxes to make sure you’re not missing out on any money that could be coming back to you.
“If you don’t owe a balance, let’s say you’re getting a refund, in that situation, there’s no penalty for filing late. However, you do have a three-year statute of limitations to claim that refund.”
If you need to request an extension on your taxes, you have until midnight tonight to do so.
Tax professionals in Southern West Virginia recommend avoiding the post office to make sure your taxes get in on time.
You may think just because you dropped your tax returns off at the post office today they’re automatically guaranteed to be counted as on time. But tax professionals say that’s not the case.
The mail received at the U.S. Post Office in Beckley, for example, is not processed and postmarked until it arrives at the mail distribution center in Charleston. So if something happens to the mail truck on the way from Beckley to Charleston, and the truck arrives in Charleston at 12:01 a.m. on Tuesday, April 19, 2022, your taxes are officially late.
Tax specialists recommend filing electronically to be as safe as possible.