With Tax Day approaching, the IRS expects millions of people to file their tax returns, and millions more to request an extension to do so.
"We expect over 30 million tax returns to be filed in the last two weeks of filing season," IRS Special Agent Brian Watson said. "We expect over 14 million people to file extensions to get additional time to file their tax returns this year."
Have you filed your taxes yet?? The deadline is tomorrow! If you can't do it in time, make sure you request Form 4868 for an extension, that way you'll avoid a penalty for being late! @kgun9 #TaxDay2018 pic.twitter.com/gGUgrvb7LV
— Max Darrow (@MaxDarrowTV) April 17, 2018
Watson explained that anyone who needs to can make a request for Form 4868, which allows them extra time to file. The form is free.
"By filing that extension, you're going to get an extra six months to file, and you won't have the late filing penalty," he said. "If you anticipate owing money with your refund, even though you're filing it later one, that extension does not give you extra time to pay. So, you can actually make an estimated payment to kind of make up the difference."
- The IRS expects to receive about 14.9 million individual income tax returns for the week ending April 13, with about 13.1 million filed electronically.
- On top of those 14.9 million tax returns, the IRS expects to receive another 17 million tax returns the following week
Watson understands the many reasons people procrastinate filing their taxes. Many include simply not enjoying doing them, not having all of their information readily available, and being busy and unable to take the time to get them done, according to Watson.
"There are some people who love doing their taxes," he said. "But for most people, it's just one of those 'have-to's' in life."
The deadline is at midnight on April 17.
