EAST PROVIDENCE, R.I. (WPRI) – If you need extra time to tackle your taxes, you’re in luck.
Traditionally, April 15 is tax day. But because that’s a Saturday this year and the following Monday is a holiday (Emancipation Day, which is observed in Washington, D.C.), the tax filing deadline is pushed to Tuesday, April 18.
That’s good news for you, if you’re one of the estimated 40 million people who have yet to file.
“If you’re panicking, if you’re not ready, file the extension,” said Mario Carneiro, CPA. “If you file the extension by April 18, at least there is no late filing penalty, which is heavy. It’s usually 10% of the liability.”
Remember, filing an extension doesn’t mean you have extra time to pay your taxes. They’re still due on April 18, so submit an estimated tax payment with form 4868.
The IRS estimates about 13 million people will request an extension this tax season.
Through April 7, the IRS received more than 103 million returns and issued more than 80 million refunds totaling more than $228 billion, according to data from the agency. The average refund is $2,851.
The IRS toll-free telephone lines will be available Saturday, April 15, from 9 a.m. to 5 p.m. The toll-free line is 800-829-1040.