Tax Talk: Tax-Return Procrastinator? This One’s for You

By Brendan Hughes0 Comments

If you still haven’t filed your 2013 tax return, you’re cutting it a bit close! You could still have some breathing room though, a Guardian Liberty Voice article points out. For starters, taxpayers are entitled to an extension past the April 15 deadline.
“Individual taxpayers must file IRS Form 4868. The IRS extension can be filed electronically or through the mail. An extension to file is not an extension to pay the IRS. Taxpayers are required to pay 90 percent of their prior year tax liability by the April 15th tax deadline.”

If you’re still trying to make the April 15 deadline, you could save time by filing your return online. If you’re owed a refund, you’ll likely receive it quicker than if you mailed in your return.

On the other hand, if you owe money, don’t make the mistake of not filing a return at all, the article says. That will result in penalties, which means you’ll just owe even more.

The article also highlights that you can contribute to an IRA up until the April 15 deadline, which will count toward your 2013 return. If you’re looking for additional tax deductions, an IRA contribution could be the way to achieve them. Here are more details on IRAs and deductions.