Today is the deadline to file your federal income tax returns.
Taxpayers had two extra days this year because April 15 fell on a Sunday, and Monday was Emancipation Day in the District of Columbia. However, some people are still scrambling to get everything done by the deadline. So what can you do if you're not ready?
People who think they may miss the deadline can get a filing extension from the Internal Revenue Service, but the request must be made by midnight tonight. Also, people who owe taxes still have to pay them today, even if they get a filing extension.
If people don't file at all, that's considered tax evasion. Penalties
may include having to pay back taxes, interest, or fines. In severe cases, people may even be sentenced to prison time.
To get an extension to file taxes, people have to fill out Form 4868. That can get them an extra six months to get it done.
Despite the option for an extension, the IRS says the majority of taxpayers have already filed their taxes. The agency has received 99 million tax returns so far this season. That's a 2% increase from this time last year.
Of those taxpayers, about 86 million, or 87%, filed electronically
. That's a 3% jump from last year. As more people file, refunds have been slipping. The average refund is $2,794 so far this season, down about 3.5% from last year.
When did you get your taxes done this year? Did you file electronically or send your taxes in the mail? Do you have to file for an extension? Post your comments below.
(Information from the Associated Press was used in this report)
â?? Jessica Cain (@JessicaCainNews) April 17, 2012