It’s Tax Day in the lake area.
There is still time to file your returns and experts say to double check your documents and make sure you’re not missing anything.
“There’s so many people, that if they changed jobs….they forgot about it and they just eliminate that W2” says Nancy Steward with H&R Block in Osage Beach and Camdenton.
She tells KRMS News if you cannot file today, you need to request an extension or else face strict penalties “there’s two separate penalties you can be tagged with, if you don’t file….and you owe taxes.”
Steward recommends calling your tax office to make an appointment as offices are expecting to be slammed today.
Individual taxpayers who need additional time to file beyond the May 17th deadline can request a filing extension until October 15th. They will need to file Form 4868 through their tax professional, tax software or using the IRS Free File link.
Filing Form 4868 gives taxpayers until October 15th to file their 2020 tax return, but does not grant an extension of time to pay taxes due, according to the IRS website.
The IRS announced the decision to extend the deadline to May back in March. The move provides more breathing room for taxpayers and the IRS alike to cope with changes brought on by the pandemic.
The decision postpones when individual taxpayers must file their return and when their payment is due. The IRS said taxpayers who owe money would not face any further penalties or interest if they pay by May 17th. The new deadline also applies to individuals who pay self-employment tax.
Taxpayers do not need to take any action to take advantage of the new deadline. Those who need more time beyond May 17th can request an extension until October 15th.
The new deadline does not apply to estimated tax payments that are due on April 15th; those remain due by that day.