Don't Panic If You Haven't Filed Your Taxes Yet - Spokane, North Idaho News & Weather KHQ.com

TICK TICK TICK: Don't Panic If You Haven't Filed Your Taxes Yet

MSNBC.COM - It's almost tax day, and even if you really waited until the last minute this year, there are options out there for you.

The first thing to keep in mind is that you aren't alone. The Internal Revenue Service estimates that 20 to 25 percent of taxpayers file in the final weeks before tax day.

Plenty miss the deadline as well: The IRS estimates that about 10.5 million taxpayers filed for an extension last year.

In total, the IRS processed about 145 million returns last year.

The good news: The IRS has made it pretty easy to ask for more time, using an online form that will give you a six-month extension.

The bad news: You still have to get some basic paperwork together to file for the extension. Most importantly, the IRS will ask you to pay up, at least based on the estimate for what you owe.

One thing you probably don't want to do: Hide under a rock and pretend it isn't happening. The IRS recommends filing the paperwork and paying what you can by April 17, in order to avoid or minimize late fees and other penalties. click here to read more

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