Taxes Not Due Today – April 18 not 15

Today is April 15th; taxes are due today.

Wait! Actually, tax day 2011 is actually on April 18th thanks to a Washington D.C. holiday being observed on April 15th.

irs-tax-dayThat means all you slacker, procrastinators, and just plain still working on them taxpayers out there get a whole other weekend to work on your income taxes.

Don’t forget, you can also file for an extension. Everyone is permitted an automatic tax filing extension of six months by filling out and submitting Form 4868 – Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.

You still have to pay your taxes by April 15th. An extension to file is not the same as an extension to pay.

Wondering what happens if I don’t file my income taxes?

If you can’t pay your income taxes, you can ask the IRS for a payment plan. There is a fee for setting up a payment plan, however. If you can’t pay them now, but will be able to pay within a month or two, don’t set up a payment plan. Just send the IRS a check for some of your tax bill with your tax return. The IRS will send you a bill for the rest in 30 to 60 days. Pay the balance then and the interest and penalties may be lower than the cost of setting up a payment plan (you’ll pay interest on a payment plan as well).

The current IRS interest rate for 2011 2Q is 4 percent.

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