If you still haven’t filed your taxes this year, the IRS says it’s better to file for an extension than to rush your taxes.
IRS spokesman Christopher Miller says rushing to complete your taxes can lead to mistakes, and that you might be better off just requesting more time to file. “The application for automatic extension for time to file your taxes gives you an additional six months to get your tax return in, all the way until mid-October.”
There’s no reason to be ashamed of filing for an extension, says Miller, because you wouldn’t be alone. “In Wisconsin, the IRS expects around 172,000 people to request an extension of time to file their federal taxes.”
Keep in mind that while an extension grants additional time to file, tax payments are still due April 17.
People who are set to owe taxes should be aware that even if they can’t pay the full price right now, it’s much better to file and make a starting payment rather than failing to file altogether. “In fact, the penalty for failing to file a tax return is about 5 percent a month of the unpaid tax, as opposed to the failure to pay penalty which is about half a percent,” says Miller.
You can find the forms for an extension and ways to file your income tax return for free online at https://www.irs.gov.