CHICAGO (NewsNation) — If you haven’t filed your federal taxes, you only have four days left to do so, or risk hefty penalties.
Tax Day is April 18 and most Americans have until then to file, but for those who are living in disaster areas in California, Alabama, and Georgia, the deadline has been extended to Oct. 16.
Tax experts have said the biggest mistake people make is missing the deadline entirely because they don’t have the money owed at the time of filing, but that could end up costing more in the long run.
Consumers will have to pay 5% of their unpaid taxes per month, plus interest.
The filing process may take up to three days, so experts urge filing Friday to meet Tuesday’s deadline.
“We have to call and follow up with the IRS and make sure that all of those things that we punched in are correct and then the IRS has to double-check behind us and make sure those numbers we plugged in — match the documents we scan from the client,” said Samuel Graves, a multiteam leader with Block Advisors by H&R Block.
Experts are reminding taxpayers that Form 1040-ES includes instructions to help determine what’s owed.
If you don’t have the funds to make your tax payment, you can set up a payment plan with the IRS. Americans who make $73,000 a year or less can file their returns for free using online services like IRS free-file, H&R Block and TurboTax.
If you file electronically, the IRS said you should see your refund within three weeks. You can also track the status of your deposit on the IRS’ website under the “Where’s my refund” tab.
