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Last Minute Tax Talk

Cedar Rapids, IA (CBS 2/FOX 28) -

It's April 15th and that means whether you're ready or not - it's Tax Day. Even though it comes around the same time every year, it can still take people by surprise. According to a new poll, 1 in 4 Americans wait until the end of tax season to file their returns.

But if you're like 75% of the country and are due a  refund on your Federal Tax return, today isn't much of a deadline for that at all, Most people might not know about it, but penalties for filing late Federal Tax returns, apply only to people who owe money, according to the Associated Press.

However if you do owe, and don't meet the deadline, the failure-to-file penalty is generally 5% of your unpaid tax bill for every month that you're late.

For those who aren't quite ready to square up with Uncle Sam, don't worry, you aren't alone, according to the IRS about 12 million Americans are expected to file an extension this year.  Heres what you need to know:

Your request must be submitted online or postmarked by the end of today, once that's done, you will have six more months to get your return to the IRS and not be subject to the late-filing penalty, meaning with a properly requested extension, you will have until October 15, 2014, to file a return,

 
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