It's Tax Day... Last Minute Filing Or Extension?

It's April 15... Tax Day!  And if you have not filed then you are probably in a frenzy trying to pull your return together for a last minute filing.  But that may not be the best approach. 

Many times mistakes are made when you attempt to rush something.  So be careful that you are thorough and accurate if you are trying to file a last minute return.  Leaving off either income or deductions could cost you dearly in either penalties or lost tax savings.

A better approach would likely be to file an extension.  This is done by completing Form 4868 and submitting it with a payment for your expected balance due.  Notice I said with a payment!  Form 4868 grants you additional time to file, but your tax bill is due TODAY!

Regardless of the approach you take, be sure that you have your return or extension filed today.  Otherwise you will receive a not so pleasant surprise from the IRS as penalties and interest can be quite costly.