PITTSBURGH (KDKA) — There are many reasons people put off that trip to the Post Office with their tax returns until the last minute.
Some need more time, but many other owe money they simply don’t have.
“Don’t ignore it, it’s not going away,” said Kevin McQuillan, of the McQuillan Group LLC.
If you let the midnight deadline slip past, McQuillan says, “There are two main penalties, failure to file and failure to pay.”
But if your tax preparer finishes the number crunching, or you hit the bottom line on your calculator and you owe more than you can afford to pay, there are things you can do.
“File the return if it’s complete or file for an extension, and pay what they can afford to pay,” McQuillan said.
You can pay a lesser amount to the IRS, but be reasonable.
McQuillan says if you own $1,000 send in $100.
“And the IRS, in about a month, will send a form they can use to have a payment, installment plan,” McQuillan said.