Seriously? You’re not late. If you haven’t filed your taxes yet, you still have a moment or two to spare. Despite some of the headlines that I saw this morning about “late” tax filers, Tax Day is still April 15, same as always (or unless it falls on a holiday or weekend, in which case you have even more time) – and since today is not April 15, you’re good.
To be considered timely, if you’re filing a paper return, your return must be postmarked no later than April 15. You can use the US Post Office’s handy web site to find out more information about hours of operation and locations.
If you’d rather use a private delivery service, certain services have been designated by the IRS to meet the “timely mailing” rule. They are:
- DHL Express (DHL): DHL Same Day Service.
- Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority, and FedEx International First.
- United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A.M., UPS Worldwide Express Plus, and UPS Worldwide Express.
Check with the individual delivery service to find out how to get written proof of the mailing date and keep it handy with copies of your return.
If you need an extension, you can get a six-month extension by filing a federal form 4868 (download the paper form here as a pdf). Remember that the form extends the time to file but not the time to pay – you may need to send a payment in with your extension if you owe. You can send a check or money order payable to “United States Treasury” (check the list of mailing addresses on the instructions for the form 4868) or pay by EFT or credit card. To pay by credit card (there is a convenience fee which, sorry folks, is not deductible), use an approved vendor:
Official Payments Corporation (1-888- UPAY-TAX or www.officialpayments.com); or
Link2Gov Corporation (1-888-PAY-1040 or www.pay1040.com); or
RBS WorldPay, Inc. (1-888-9-PAY-TAX or www.payUSAtax.com).
If you’re planning on e-filing this year, you can extend your return using third party software like TurboTax and CompleteTax.
You can also consider a service such as FileLater which will do your filing for you for a fee – for 2010, filelater.com is offering 25% off their tax extension service (for both personal or business) for taxgirl.com readers. Just use coupon code: TAXGIRL25.
Just don’t be intimidated when it comes to filing for extension. As I said on my TurboTax podcast, it’s much better to file a thorough, complete return on extension than a flawed, rush return “on time.”
So, with lots of options available – to timely file now or to timely file for extension – relax, you’ve got plenty of time!
What’s the big deal about being late? If you are due a refund, does it really matter if you file on the 15th? Or would the 16th, the 20th, or sometime in May be just as good? If you have to pay, I understand there will be penalties and interest if you don’t pay on time, but what if you pay on the 16th? The penalty can’t be that bad. I suppose at some point in time you have failed to file, but do a couple of days really matter?
Hi Edward, that’s a good question. The answer: it depends. If you fail to file on time, you can be subject to a penalty of 5% of the amount of unpaid taxes for each month (or part of a month) that your tax return is late, not to exceed 25% of your unpaid taxes. If you also fail to pay, you can be subject to a penalty of ½ of 1% (or .005%) of the amount of your taxes due for each month or part of a month after April 15 that the taxes are not paid, also not to exceed 25% of your taxes.
So, you’re right if you owe a buck or two. But what if you owe, say, $5,000. The penalties (+ interest on top of the penalties, too) can really start to add up.
Kelly – thanks so much for the mention!