Income tax deadline is midnight tonight

If you haven’t filed your 2012 tax return, today is the deadline to do so. Returns must be postmarked by midnight tonight to be considered on time.

Taxpayers who don’t think they can meet today’s deadline of having their taxes filed and postmarked may find relief by opting for a six month extension.

 McKinney Boyd, Dallas-based USPA regional spokesman, told the Henderson Daily News Henderson’s post office will maintain normal business hours from 8 a.m. until 4:30 p.m.; and the last pick up for the mailboxes outside the post office is 5 p.m. today.

Henderson-based certified public accountant Richard Loughlin said folks may opt to file for an extension.

“Extensions only extend the time to file, not the time to pay,” Loughlin said. “Unfortunately if you owe any money, the penalties start getting more severe after the 15th of April.”

According to an April 8 press release from the Internal Revenue Service, individuals opting for the six month, or Oct. 15, extension to file a return can file one by visiting through the Free File link and requesting an automatic tax-filing extension on Form 4868.

Any payment made with an extension request will reduce or eliminate interest and late-payment penalties, the press release stated.

Returns filed after the deadline usually yields a 5 percent fee per month based on unpaid balance if taxes are owed.

Those who owe $50,0000 or less in combined tax, penalties and interests may also opt for an online payment agreement to set up monthly payments for up to 72 months, the press release continued.

Taxpayers can also request a payment agreement by filing Form 9465, found on the IRS’ website and mailed in along with a tax return, bill or notice, the press release stated.

“Some struggling taxpayers may qualify for an offer-in-compromise,” the press release stated. “This is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed. The IRS looks at the taxpayer’s income and assets to make a determination regarding the taxpayer’s ability to pay.”

To help determine eligibility, visit IRS.gov and use the Offer in Compromise Pre-Qualifier tool.

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