Photo: Hailshadow (Getty Images) Photo: Hailshadow (Getty Images)If you’re behind on filing your taxes, consider filing for an extension today—before the 2020 tax deadline expires at midnight—as you’ll avoid costly IRS penalties for not filing your tax return on time. This payment can be made as part of your tax extension request, even if it’s a rough estimate (if you overpay, the IRS will refund you the difference later). Doing so will give you more time to nail down paperwork, and you’ll avoid late penalties. According to Kiplinger, you can also get an automatic extension by making an electronic tax payment of your estimated taxes directly with the IRS, before midnight. Also important: rules on tax extensions vary by state, so check your state’s tax agency website before you file.

Source: The Nation May 17, 2021 20:06 UTC