Time is nearly up to file your taxes. If you filed for an extension earlier in the year, they are due Thursday, Oct. 15.
News 8 is stretching your dollar with answers to three common questions so you don’t end up owing more money.
What if I miss the Oct. 15 deadline?
Money.com says you’ll be on the hook for a “failure to pay penalty,” which increased last month.
It’s typically five percent of the unpaid tax for each month the return is late — up to 25%.
Can I file my taxes for free?
Yes, money.com says the IRS free file program, which lets people who make under $69,000 a year do their taxes for free through services like TaxSlayer and H&R Block, is available until midnight on Thursday.
Free file fillable forms, intended for people who make over $69,000 and already know how to prepare their taxes, will be running through Tuesday, Oct. 20.
Does the Oct. 15 tax deadline have any exceptions?
There are a handful of taxpayers who aren’t subject to the Oct. 15 due date, specifically people serving in military combat zones and those living in certain disaster zones have more time to file their taxes.
For example, victims of Hurricane Sally and the wildfires in California have until Jan. 1