Tax Deadline Clock Ticking Down To Midnight - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

Tax Deadline Clock Ticking Down To Midnight

Posted: Updated:
File photo. File photo.
WASHINGTON, D.C. -

The April 15 tax filing deadline is just hours away, and perhaps you still haven't filed. The top advice from CBS News business analyst Jill Schlesinger? Don't panic!

If you are filing a 1040EZ tax form, you may still have a little bit of time. The IRS estimates it takes only about 4 hours to complete it. But if you're filing the more complicated Form 1040, you may run into some trouble, as it takes an estimated 16 hours to complete.

Filing an extension

If you know you're not going to make the deadline, Schlesinger has some simple advice: File for an extension with Form 4868. "You get 6 months to file, but you are required to estimate what your tax liability was for last year -- and you've got to pay 90 percent of what you think you owe the IRS or else you'll get penalized," she explained on CBS.

Late filing and penalties can total up to nearly half of what you owe in taxes, so it's crucial you send that form in. It may surprise you, but filing for an extension does not raise a red flag with the IRS or increase the likelihood of an audit, Schlesinger added.

Can't afford what you owe?

If you can't afford to pay the taxes you owe, Schlesinger says you can file for a 4-month extension, or you can look into an IRS installment plan. You can also make an offer in compromise. You could pay with a credit card, but that is generally discouraged because it incurs not only a hefty service fee, but you could rack up interest fees.

How long will it take to get my refund?

If you are filing electronically on April 15, Schlesinger says you should get your refund in about 3 weeks. But if you filed a paper return, that refund check could take 6 to 8 weeks. Aside from getting your refund faster, there's another reason to consider filing electronically: The error rate is less than 1 percent, while paper returns have an error rate of about 20 percent. And if you make less than $60,000, you qualify for the IRS' Free File program.

Common mistakes to avoid & red flags

Schlesinger said some of the major mistakes filers make include math errors, not reporting income that was reported to the IRS, forgetting to sign a return, wrong Social Security numbers and not claiming tax credits that are due to you -- especially if you make less than $80,000.

Tax returns that raise red flags include filers who are taking more deductions than the norm. The home office deduction may also draw scrutiny -- so know the rules.

Schlesinger's final word of advice? If you're running out of time, file for an extension, and if you need help, consider getting a tax professional.

  • NewsMore>>

  • North Korea Issues Nuclear War Warning

    North Korea Issues Nuclear War Warning

    North Korea's deputy U.N. ambassador warned Monday that the situation on the Korean peninsula "has reached the touch-and-go point and a nuclear war may break out any moment." 

    More >>

    North Korea's deputy U.N. ambassador warned Monday that the situation on the Korean peninsula "has reached the touch-and-go point and a nuclear war may break out any moment." 

    More >>
  • FBI Works To Stop Fake Kidnapping Calls

    FBI Works To Stop Fake Kidnapping Calls

    The FBI is launching a new campaign to fight the growing problem of fake kidnapping calls. That's when criminals lie about taking a loved one and then demand money. The scam has been reported in Green Country. Investigators say a lot of the calls come from criminals in Mexican prisons. They say prisoners use smuggled cell phones to random-dial numbers in the U.S. and make their threats, then prisoners' friends or family pick up the cash sent by victims to money transfer ...More >>
    The FBI is launching a new campaign to fight the growing problem of fake kidnapping calls. That's when criminals lie about taking a loved one and then demand money. The scam has been reported in Green Country. Investigators say a lot of the calls come from criminals in Mexican prisons. They say prisoners use smuggled cell phones to random-dial numbers in the U.S. and make their threats, then prisoners' friends or family pick up the cash sent by victims to money transfer ...More >>

Special Features

Live Traffic

Get the latest road conditions on Green Country roadways.

iPhone App

Get breaking news, weather, sports & video directly on your iPhone.

CBS Shows

Watch your favorite CBS shows for free online.

Links

Looking for a website or event you heard mentioned on News On 6? Find it here!

TV Schedule

Need to know what's on TV? Check out our television schedule.

Live Radar

WARN Interactive

Special Coverage

  • Bridge Tracker

    How safe are Oklahoma's bridges? Use Bridge Tracker to find out now.

  • Fallen Heroes

    News On 6 honors our fallen Oklahoma heroes. View our interactive timeline.

  • Murrah Bombing Timeline

    Learn more about the events leading up to and following the bombing.

  • Storm Zone

    Watch tornadoes tear across Oklahoma and learn how to stay safe!

Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103
Newson6.com is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2017 KOTV. Oklahoma Traveler™ is a registered trademark of Griffin Communications. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.