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With tax deadline approaching should you file an extension?

TAXES
Posted at 12:29 PM, Apr 12, 2024

The deadline to file your tax returns is quickly approaching, with a mailing deadline of Monday, April 15. Here’s what you can do to avoid those late penalties.

If you’ve left filing your taxes to the last minute, you can still file online or mail them out before Monday.

However, getting a last-minute appointment with a tax professional may be difficult.

Mark Cappis of Cappis Consulting and Tax in Great Falls says your best course of action now is to file an income tax filing extension.

“Best thing to do is get your stuff together, get it done if you can," he said. "If you can't file an extension, it is an extension of time to file, not to pay. So you need to estimate, you know, whether you think you're going to hold or not and pay that in by Monday. If you can't, pay what you can because penalties and interest would then start accruing at that point. So interest is at 8% right now. Late payment and late filing penalties are a half a percent per month, up to 25%”.

Even if you do get an extension for filing, you still have to pay if you owe by April 15. And if you are filing by mail, it’s recommended to get a return receipt to verify that you were mailed on April 15.

You can find filing extension forms and more information by clicking here.